- The resignations of UK ministers Rishi Sunak and John Glenn in the past few days are likely to slow the country’s efforts to transition itself into a crypto-friendly jurisdiction.
- Glenn in particular was recognized as an important bridge between industry leaders and regulators; His replacement is expected to require a considerable amount of time to become aware of the situation.
- His resignation comes after Prime Minister Boris Johnson publicly mishandled the sexual misconduct scandal involving the government’s former deputy chief whip.
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Britain’s Prime Minister Boris Johnson’s latest scandal has inadvertently deprived the government of the United Kingdom of two of its leading crypto experts, Rishi Sunak and John Glenn. The cryptocurrency industry now expects the regulations to take longer to be implemented.
UK “Back to Square One”
The crypto industry of the United Kingdom may be in for a setback due to Prime Minister Boris Johnson’s latest political troubles.
According to bloombergThe recent resignations of Chancellor of the Exchequer Rishi Sunak and Treasury Economic Secretary John Glenn halted the country’s recent push to become a crypto-friendly jurisdiction. Sunak and Glenn are considered the “architects” of a campaign that aims to attract crypto companies to the country.
Commenting on the resignations, CryptoUK executive director Ian Taylor said the industry was now “back to square one” and that Sunk and Glenn’s replacement would “need the anticipated regulations to consider what would need to be learned”. Now it will take more time to implement. [they]are doing.”
Glenn was considered particularly important in bridging the gap between the crypto industry and regulators, not only in the UK but around the world. According to an independent fintech consultant, his visits to various crypto hubs during the past year have given him and Sunak significant experience in digital assets, which they expect will be difficult to fill in the former minister’s shoes.
Sunak and Glenn resign respectively tomorrow And today In protest against Johnson’s public mishandling of the sexual misconduct scandal involving former Deputy Chief Whip Chris Pincher. More than 30 members of the government have resigned along with him. Johnson is facing demands for his resignation.
Institutions in the UK currently do not see eye to eye with each other regarding legislation. bank of england called In March for more market regulation, while crypto companies were already reported to be struggling to comply with existing regulations. Treasury, on the other hand, after receiving industry feedback, backed down On its prior requirement for crypto firms to submit personal information on all transfers made to non-hosted wallets.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.