'Crypto-Friendly' Rishi Sunak to Become UK Prime Minister

'Crypto-Friendly' Rishi Sunak to Become UK Prime Minister 

Rishi Sunak, who guided the U.K.’s new crypto ambitions during his time as finance minister, has been chosen to be the country’s next Prime Minister following Liz Truss’ controversial exit from office last week.

Former Treasury Chief Strong Favorite to Assume Office

Rishi Sunak has won the race to be the leader of the Conservative Party and will become Britain’s next Prime Minister, the third this year.

The former Treasury chief will be Britain’s first leader of color and faces the task of stabilizing the party and country at a time of economic and political turbulence.

His only rival, Ms. Penny Mordaunt, conceded and withdrew on Monday.

As the leader of the governing party, he will take over as Prime Minister from Liz Truss, who quit last week after 45 days in office.

The former U.K. Treasury chief had lost to Ms. Liz Truss in the contest to replace the scandal-plagued Mr. Boris Johnson as Conservative Party leader and Prime Minister. But Ms. Truss quit after a turbulent 45-day term, and Mr. Johnson abandoned a comeback attempt, leaving Mr. Sunak a strong favorite to finally assume the office he missed out on less than two months ago.

During his time as finance minister, Sunak unveiled plans to turn the country into an international hub for crypto.

Rishi Sunak, who guided the U.K.’s new crypto ambitions during his time as finance minister, has been chosen to be the country’s next Prime Minister following Liz Truss’ controversial exit from office last week.

Sunak was chosen by his fellow Conservative Party members on Monday to replace Truss—who was in office for 45 days and was forced to resign after her economic stimulus plan ran into trouble, leading to political and economic instability. 

Sunak Wanted to Turn the UK Into Crypto Hub 

During his time as finance minister under former Prime Minister Boris Johnson, Sunak announced he wanted to turn the U.K. into a crypto hub. He helped usher in the Financial Services and Markets Bill, which, if passed into law, could give local regulators broad power over the crypto industry.

Truss’ government had expressed an assurance to Sunak’s crypto plans, but her resignation has threatened uncertainty once again. The local crypto industry, which had been in communication with Sunak over crypto policy during his tenure as finance minister, stands to welcome his appointment as the leader of the government.