Liz Truss Steps Down as UK Prime Minister

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.

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