Rishi Sunak, the former Chancellor of the Exchequer, and Liz Truss, Secretary of State for Foreign, Commonwealth and Development Affairs, two of the latest candidates to become the UK’s next prime minister, have both previously expressed their pro-crypto views.
With Prime Minister Boris Johnson stepping down soon, Sunak and Truss are competing for the next leader of the Conservative Party and the country, with their views on digital assets likely to influence financial policy. Under Johnson, Sunak requested the country’s Royal UKTN to create a non-replaceable token as part of an effort to turn the UK into a global crypto hub.
Sunak, a MP who served as chancellor from 2020 until his resignation in July, previously said the UK government would prioritize financial technology, including central bank digital currencies and stablecoins, with the aim of keeping the country pace with innovation. . He also supported many proposed financial services reforms to promote adoption of cryptocurrencies and stablecoins.
Truss, who has been Secretary of State for Foreign, Commonwealth and Development Affairs since 2021 and Minister for Women and Equality since 2019, under three Prime Ministers, called in 2018 for an anti-regulatory approach to crypto in a bid for the UK to embrace the technology. . In her role as Secretary of State for International Trade, the MP launched a digital trade network in 2020 that included promoting fintech companies that “enable[d] digitization and resilience in priority export markets.”
— Liz for Leader (@trussliz) January 30, 2018
Related: Majority of UK crypto owners turned out to be hodlers: Survey
Amid Johnson’s expected departure, UK policy decisions continued. Nadhim Zahawi, who replaced Sunak as finance minister, introduced a Financial Services and Markets Bill on July 20, which included a regulatory framework for stablecoins. The House of Commons Treasury Committee also opened an investigation allowing UK residents to write about the role of crypto assets in the country.
The Conservative Party is expected to decide between Sunak and Truss as the next leader on September 5, after which Johnson will officially step down. On Tuesday, the two candidates took part in a televised debate that was cut short after moderator Kate McCann fainted during the broadcast.