Today, Liz Truss won the Tory Leadership race to become the new prime minister of the United Kingdom. A conservative politician who served as the foreign secretary before the promotion to prime minister, Truss has promised low taxes and repeals of unnecessary regulations.
The outgoing prime minister, Boris Johnson, resigned after facing a no-confidence vote based on his job performance. Johnson was negative on the crypto industry, as he introduced a law that allowed the seizure of crypto to be easier for law enforcement officials.
Liz Truss has made it no that she is bullish on the crypto industry. In a 2018 tweet, Truss explained that the UK should welcome cryptocurrencies and not stifle their potential. As a believer in free enterprise, she is not in favor of bans or other laws which restrict usage.
We should welcome #cryptocurrencies in a way that doesn't constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity. #PolicyExchange #futureoffreedom #shakeup— Liz Truss (@trussliz) January 30, 2018
Samson Mow, CEO of Jan3, a company which is helping bring widespread Bitcoin adoption to the world, replied to the old tweet urging Truss to discuss Bitcoin.
Lower regulations are likely
Liz Truss's time as foreign minister has allowed her to understand the relations with other countries and how innovation factors in. If the United Kingdom is to prosper in the future, lowering regulations is a crucial step in allowing innovation to flourish. Otherwise, rival countries may gain a foothold over the UK.
Regulations like those in America are beginning to stifle technological growth. For example, Ripple has threatened to move out of America if they lose their case to the SEC. London was actually on their list of potential cities to move to.
It's unknown how far up, on Truss's agenda, crypto laws are. Since she was also the minister for women and equalities, there may be social legislation that Ms. Truss may want to pass before payments technology. What's clear from the history of Prime Minister Johnson is that Liz Truss will be a definite improvement for the crypto industry.
Rishi Sunak became the UK prime minister on October 25th after Liz Truss resigned. Like Truss, Sunak is a crypto bull; but unfortunately, he is also a CBDC proponent.
*This story has been updated to include new developments on Liz Truss's resignation and Rishi Sunak's rise to prime minister