Will UK Crypto Laws Get Friendlier After PM Boris Johnson’s Resignation?
Boris Johnson is set to resign as the leader of the Conservative Party, BBC reports. He is then expected to stand down as the Prime Minister in October.
According to Time, Rishi Sunak, the chancellor of the exchequer under Johnson, is a favourite to replace Johnson as the next Prime Minister of Britain. If Sunak indeed becomes the leader of the British Government, it could be good news for the crypto ecosystem in the UK.
Johnson’s resignation comes as a result of mass resignations from the government, following sexual assault allegations against conservative lawmaker Chris Pincher.
What Sunak Means To Crypto In the UK
Rishi Sunak is considered a champion for the crypto ecosystem in the UK. Along with Economic Secretary to the Treasury John Glen, Sunak laid down a series of plans to make the UK the crypto hub of the world. Under him, the treasury supported bringing stablecoins under regulation, thus making them a recognised form of payment in the UK. He also pushed for an FCA-led ‘CryptoSprint’.
He also planned to work with the Royal Mint on an NFT. Sunak also supported creating legal status for DAOs or decentralised autonomous organisations. Recently, Sunak dismissed the Bank of England’s fears over the stability of crypto payment technology. He decided to move forward with a new law that allowed everyday crypto payments.
Sunak’s resignation as the Chancellor was seen as a severe blow to UK’s crypto aspirations. Ian Taylor, the head of CryptoUK, believes that the crypto industry in the UK is back to square one. However, if Sunak were to replace Boris Johnson as the PM, the crypto ecosystem in the UK could get renewed strength.
Will Sunak Replace Boris Johnson
Rishi Sunak is widely considered a favourite to be the next PM. According to the aggregate of various bookmakers’, Rishi Sunak is one of the favourites at 24/5. Many Bloomberg experts also believe Sunak to be a strong contender for the top job.
Another strong contender to replace Boris Johnson is Penny Mordaunt, currently the International Trade Minister of the UK. She also appears to have crypto-friendly views. She held conversations to secure a partnership between the Texas Blockchain Council and the City of London for financial innovation.
- Cyber Hornet Seeks SEC Nod for S&P 500 and XRP ETF
- Cathie Wood’s Ark Invest Eyes Stake in Tether as USDT Issuer Targets $500B Valuation
- Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026
- Bybit Lists Ripple’s RLUSD Following BlackRock and VanEck Integration
- SWIFT Plans Stablecoin and On-Chain Messaging Pilot on Linea, Challenging Ripple
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
