Liz Truss Steps Down as UK Prime Minister

Liz Truss has resigned as U.K. Prime Minister on Thursday after serving just six weeks in office.

Her short time in office saw controversies over fiscal policy and the energy policy known as fracking – and 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 would 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 cryptoassets to be used as a means of payment, entered committee stage on Wednesday.

A parallel law allowing seizure of cryptoassets in cases of crime and terrorism was also presented to lawmakers next week, but thrown into doubt after the resignation Wednesday of home affairs minister Suella Braverman.

It now remains to be seen whether fellow conservative lawmakers can coalesce around a single candidate to replace her – and, 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 on current polling see them enter government with a significant majority.

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