You know that kid in high school - the one that had the fake ID?

Love em' or hate em', they'd be getting an invite to your party - because their invite guaranteed a keg.

If the British parliament was a high school party, Prime Minister Boris Johnson would be the kid with the fake ID.

...and the keg he was looking to secure would be positive crypto legislation.

(An intention he recently made clear, by outlining his aim to make the UK a 'crypto hub').

Unfortunately, for those at the party looking to get drunk on friendly crypto regulation - BoJo is leaving the party early, and stepping down as PM.

With his departure, the UK's hopes of becoming a crypto hub are left in question.

So what's Web3's current state of play, in the world's 5th largest economy?

We'll preface this by saying, politics are confusing and messy - especially during a transfer of power.

But for now, here's where everything's at:

We won't know for sure what'll happen to Boris' proposed crypto legislation, until we hear from the new Prime Minister (whose election could take 2+ months).

In the meantime, we can look to interim Treasury Chief, Nadhim Zahawi, and the 'pro crypto' ministers who still have a job.

Our guy Nadhim is currently staring down the pressures of rising inflation and higher costs of living - so crypto legislation is probably far from the top of his list.

Add to that the fact that procedural guidance says interim ministers (like Nadhim) shouldn’t bring forward new initiatives with long-term consequences (like crypto legislation).

If that wasn't bad enough, more than 50 ministers have resigned in recent days - so it’s not clear if there’s enough of them left to guide any bills through.

Ok. Not great.

Ready for the silver lining?

The last Treasury Chief, Rishi Sunak, stepped down from his role when it looked like Boris was on the outs - and according to local bet makers - this move actually increased his chances becoming the next prime minister.

If Rishi snags the top job, it could be very good for crypto in the UK.

He recently stated his “ambition to make the U.K. a global hub for crypto-asset technology”.

And even went as far as asking the country’s Royal Mint (aka their money printer) to issue an NFT.

What a degen!

READ MORE