Britains new PM is a fan of crypto. There are hopes hell give the industry a boost
Summary
The new U.K. leader, who was finance minister in former PM Boris Johnsons government, faces a daunting to-do list, which includes undoing the economic havoc wreaked by his predecessor Liz Truss. But after weeks of political instability, crypto firms and investors are wondering what hell do to boost the market, which is licking its wounds after a punishing few months for digital asset prices and a slew of corporate bankruptcies. "There is an opportunity to provide clarity to the industry and allow it to play its role in achieving their mandate to encourage businesses to invest, to innovate, and to create jobs in the U.K.," Jordan Wain, U.K. public policy lead at Chainalysis, told CNBC. "We may now see an acceleration on the work being done on those proposals — one to watch in the next few months," Varun Paul, market infrastructure director at crypto software firm Fireblocks, told CNBC. "One would expect the path to regulatory clarity to be significantly shorter with [Sunak] at the helm," said Martin Hiesboeck, head of blockchain and crypto research at trading platform Uphold, in an emailed comment.