Liz Truss: Meet UK’s Crypto-Friendly Prime Minister
- Liz Truss has emerged as the third female Prime Minister of the United Kingdom.
- Truss previously voiced her support for the crypto industry in 2018 and appeared to be a fan of digital tokens.
Liz Truss has been announced as the next Prime Minister of the United Kingdom. The news of her election marks a new beginning for the country as it goes through one of its most challenging times in history. Truss defeated Rishi Sunak by 20,000 votes and replaced Boris Johnson as Conservative Party leader.
The 47-year-old politician outlined several policies she plans to implement within her first few days in office. On top of her list is the cost of living in the UK, rising energy costs, and a consistent fuel supply. However, her election also spells good news for crypto lovers in the country.
Judging by her previous comments, Truss has a soft spot for the crypto industry and in 2018 urged the country to welcome cryptocurrencies in a way that “doesn’t contain their potential.” The Conservative Party leader further called for removing regulations restricting prosperity and enterprise.
Truss also started a digital trade network in 2020 as the Secretary of State for International Trade, among other initiatives that support fintech companies. However, it is unknown if her views on cryptocurrency will remain as the Prime Minister.
Truss’s arrival in office comes when the UK is moving towards regulating stablecoins. The United Kingdom has one of the most active crypto markets in the world, but authorities believe regulating the industry is a priority.
Last month, the All-Party Parliamentary Group (APPG) began an inquiry to consider the need for stricter regulatory policies for crypto firms. Several other lawmakers and groups have made similar calls. However, the future of the UK crypto industry now rests on Truss and her administration.
The former councilor for Eltham South would have to decide what direction the country follows as it concerns stablecoins, CBDCs, DeFi projects, and regulation at large.
Truss’s Political Journey
The incoming Prime Minister studied Philosophy, Politics, and Economics at Merton College, Oxford, and graduated in 1996. Truss demonstrated her love and passion for lawmaking during her college years as she was active in the Liberal Democrats. The political author was reportedly the president of the Oxford University Liberal Democrats.
She became a member of the Conservative Party in 1996 and has walked her way to the top of the ladder. Truss was included in the party’s “A-List” under David Cameron’s leadership of the Conservatives. In 2012, Truss was appointed as Parliamentary Under-Secretary of State at the Department for Education and later emerged as the Secretary of State for Environment, Food, and Rural Affairs. She has handled several other key positions before declaring her intention to run for the top seat in July.
Boris Johnson will head to Scotland on Tuesday to present Queen Elizabeth with his resignation letter. The new Prime Minister will also be present as well to set up a new administration. Truss, who has generally been the favorite to succeed Johnson, will take office as the party’s fourth prime minister since the 2015 election. The UK is currently going through what is expected to be a prolonged recession caused by soaring inflation, which reached 10.1% in July.