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30th October 2022 > > Rishi Sunak.


The jury is out on whether Rishi Sunak as PM will improve the UK regulatory landscape or not.

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The leveraged short base shows no sign of abating its enthusiasm for self-harm.

Occasional Series – Alternative Miss World

By popular demand, I am happy to report that AMW was a blast on Friday night.

I was honoured to be in the dance troupe to open and close the show, and I was most fortunate to be given the responsibility of carrying one of the three (crown, sceptre, and orb) prizes to be presented to the winner:

Curious Cryptos’ Commentary – UK regulation

The UK should be proud of its track record of putting women and members of minority groups (Rishi Sunak’s alma mater, Winchester College, had previously provided just one PM compared to Westminster’s six and Eton’s twenty) into the role of Prime Minister.

We saw on the 27th October 2022 that the latest legislation wending its way through the UK law-making process - Financial Services and Markets Bill – has either been crafted by people with little knowledge of cryptos, or it has been deliberately hijacked by those whose agenda is to supercharge governmental control and coercion with an accelerated implementation of CBDCs (Central Bank Digital Currencies).

Will Rishi make a difference to the trajectory of crypto implementation in the UK?

Given the dire state of government finances not just in the UK, but also particularly the US and the EU, one would expect the tantalising prospect of additional, incremental, and large streams of tax revenues to be hard to resist.

Indeed, the US and the EU have responded positively to the tax revenue potential of cryptos with some very encouraging and informed pieces of legislation, leaving the UK trailing in their wake.

Rishi has two key advantages from our crypto perspective over previous incumbents of the PM’s office.

He is young – and that is a key determining factor in an individual’s personal enthusiasm for all things crypto.

He also spent time in the City, working at Goldman Sachs and at two hedge funds. His understanding and knowledge of the financial landscape is far superior to most. He is likely to comprehend the revolutionising power of cryptos and how that can be harnessed for the good.

Most importantly, he will know that taking a blinkered approach, be that calls for standard global regulation, or “bans” on cryptos, will simply drive tax dollars into the arms of other nations.

He has already expressed his desire for the crypto industry:

“It’s my ambition to make the U.K. a global hub for crypto-asset technology.”

Hear, hear, Rishi.

But there are disadvantages too.

Though he might take a personal interest, for now the delegation for crypto regulation has been passed to Lisa Cameron, member of parliament and the chairperson of The Crypto and Digital Assets All-Party Parliamentary Group. Her public comments suggest that she has not done her homework and would benefit mightily from a daily dose of the CCC. I do hope she works hard to prove my scepticism to be misplaced.

He is also a supporter of CBDCs, a not uncommon, though not universal, trait amongst politicians who cannot keep their controlling instincts in check.

I also read that he was an important player in the drafting of the latest UK bill referred to above, which makes me mightily suspicious of his personal agenda with respect to cryptos.

Rest assured, any developments and progress will be reported here in the CCC.

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