Liz Truss Steps Down as UK Prime Minister

Her departure leaves the fate of proposed crypto bills hanging.

AccessTimeIconOct 20, 2022 at 12:43 p.m. UTC
Updated Oct 20, 2022 at 6:45 p.m. UTC

Liz Truss has resigned as U.K. prime minister on Thursday after serving just six weeks on the job.

Her short time in office was marked by controversies over her fiscal policy and the energy policy known as fracking, and her resignation leaves the fate of bills on stablecoins and crypto seizures hanging in the balance.

“I am resigning as leader of the Conservative Party,” Truss told reporters outside her office on Downing Street, saying a new leadership election will be completed within the next week. “I will remain as prime minister until a successor has been chosen.”

The government’s Financial Services and Markets Bill, which would offer much-needed regulations allowing crypto assets to be used as a means of payment, entered committee stage on Wednesday.

A parallel law allowing seizure of crypto assets in cases of crime and terrorism was also presented to lawmakers last week, but it was thrown into doubt after the resignation of Home Affairs Minister Suella Braverman on Wednesday.

It now remains to be seen whether fellow Conservative lawmakers can coalesce around a single candidate to replace her. If not, the selection will have to proceed to an election of Conservative Party members. Meanwhile, the opposition Labour Party has called for a general election, which would see the party enter government with a significant majority, based on current polling.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jack Schickler

Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.