Crypto-friendly Rishi Sunak appointed UK Prime Minister

After a brief leadership campaign, Rishi Sunak, a pro-crypto former Chancellor of the United Kingdom, was chosen to serve as prime minister.

To proceed to the following round, a nationwide vote of party members, each potential candidate must receive at least 100 nominations from Members of Parliament (MP).

However, Penny Mordaunt, Sunak's final opponent, fell short of the required number of MP nominations. According to Yahoo, Sunak will win the leadership contest if Mordaunt doesn't fulfill the minimal criterion by 2:00 on October 14th.

After Mordaunt failed to secure enough support before the deadline, Sir Graham Brady, Chair of the 1922 Committee, announced Sunak's appointment just after 14:00.

Liz Truss out

Following a nationwide membership vote, Liz Truss defeated Sunak to become prime minister on September 5 57.4% to 42.6% when Boris Johnson resigned.

Truss, however, resigned from her position on October 20 after a dismal 45 days in government because her party no longer supported her.

The “mini budget” that was presented on September 23 was blamed for her downfall. It outlined tax cuts, including the elimination of the 45% additional income tax rate and a reversal of plans to raise corporate tax from 19% to 25%, both of which were scheduled to go into effect on April 1, 2023.

The strategy, according to the then-Chancellor Kwasi Kwarteng, who resigned on October 14, would boost the U.K.'s economy and raise living standards in the midst of the cost of living crisis.

However, the market's response was unfavorable, forcing the Bank of England to act by purchasing bonds in order to prevent a market crash.

In response, detractors surrounded her, calling out her ignorance of political and economic issues, which ultimately rendered her position untenable.

Sunak wants crypto innovation for the U.K.

Pro-crypto Sunak's failure to win the position of prime minister for the first time disappointed the British.

During his tenure at the Treasury, the former Chancellor played a crucial role in advancing the agenda for the U.K. cryptocurrency hub. Many believed that if he had defeated Truss in the previous leadership election, this strategy would go more quickly.

Sunak was recently questioned about what he would do to advance the United Kingdom to the forefront of the global crypto industry. He described his tenure as Chancellor to support his pro-crypto sentiments, claiming that he was accurate.

Outside of cryptocurrencies and “how much Bitcoin you can buy,” Sunak continued, there is potential for the underlying blockchain technology to enhance supply chains, create efficiency at borders and customs, and reduce the cost and increase accessibility of banking.

“Im a deep believer that we should embrace technology and innovation as a way to improve all our lives and make things better, make things cheaper, make things faster…”

Sunak concluded by stating that if elected prime minister, “you better believe I want to see that come to fulfillment” and that he wants the U.K. to be the “home of that invention.”