UK Finance Minister Kwarteng Fired

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NEW: After Kwasi Kwarteng's firing, former foreign minister Jeremy Hunt has been appointed U.K.'s Finance Minister, leaving the future of the country's proposed stablecoin laws uncertain. By jackschickler

Hunt currently chairs the House of Commons’ healthcare committee. He has previously served as minister responsible for health, and culture – of which the latter portfolio included responsibility for digital policy. In 2019, while standing in the leadership contest to replace Theresa May – which Johnson eventually won – he said he was a “Financial Services and Markets Bill

includes measures to give legal status to stablecoins, which are cryptocurrencies tethered to the value of other assets like gold or the U.S. dollar, first announced by Chancellor Rishi Sunak in April as he sought to make the country a crypto hub, and shortly before he resigned in protest at a series of scandals plaguing then Prime Minister Boris Johnson.

The bill was published in July under Chancellor Nadhim Zahawi, and had its first debate in parliament the day after Kwarteng was appointed in September. While the bill was scheduled to be debated in the House of Commons committee next Wednesday, its fate is now unclear. So, indeed, is that of Truss, who appears set to reverse course onAdds Jeremy Hunt was appointment as the new Finance Minister.

 

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jackschickler I'm sure he'll make a Jeremy Hunt of it. 🤣

jackschickler Do you think the worst of the crypto bear market is over? 🤔

jackschickler 🚀Thnkss a millon.

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