Liz Truss has been elected as the UK’s new prime minister, further clouding the outlook for the country’s crypto policy.
The new Conservative leader is yet to lay out a position on digital assets.
Rishi Sunak, Truss’ opponent, was seen as being friendly to the crypto industry.
Truss had served in government under three different prime ministers.
Truss has held posts as secretary of state for foreign, Commonwealth and development affairs since 2021 and as minister for women and equalities since 2019.
Truss is largely seen as been an opponent of Cryptocurrencies. In 2018, she tweeted that the UK should “welcome cryptocurrencies in a way that doesn’t constrain their potential.”
It is rumored that Truss is set to tap Kwasi Kwarteng, another percieved opponent of the crypto industry, for the top Treasury job.
Kwarteng, as business minister, fast tracked laws to tackle “dirty money.”
Sunak was more crypto friendly when he served as chancellor for the exchequer between February 2020 and July 2022.
In April this year, he set out plans to make the UK a crypto friendly tech hub, and said the Royal Mint would launch an NFT this summer.
Sunak also made moves for stablecoins to be brought within regulation, paving their way for use in the UK as a recognized form of payment.
According to the Treasury ministers’ meetings log, Sunak met with Sequoia managing partner Douglas Leone to “discuss the UK’s Venture Capital sector” earlier this year.
Previous disclosures also showed that at the end of last year, Sunak visited California and met with representatives from Sequoia and Andreessen Horowitz, as well as attending a roundtable with companies including Bitwise, Celo, Solana and Iqoniq.