Departure postpones plans for favorable crypto conditions.
It is likely that the departure will postpone the country's plans to set business conditions favorable to the crypto industry.
U.K. Prime Minister Boris Johnson said he will resign on Thursday, following the departure of several ministers from his government over the appointment of Deputy Chief Whip Chris Pincher in a scandal that has rocked the government and Parliament.
On Tuesday, Rishi Sunak (former Chancellor of the Exchequer) and Sajid Javid (Health Minister) resigned, saying that the public deserves a "government to be conducted properly," and with "integrity." By Thursday morning, about 60 members of government had quit, Sky News reported.
"It is the will of the parliamentary Conservative Party that there should be a new leader," Johnson said in a broadcast from outside his Downing Street home. "And I agree. We've seen in Westminster when the herd moves, it moves. In politics, no one is remotely indispensable."
On Wednesday, City Minister John Glen, who in April declared the U.K. "open for crypto business," also resigned. He pointed more explicitly to the handling of the Pincher's appointment and Johnson's "poor judgment." The government was also accused of throwing illegal parties during Covid lockdowns.
The resignations are likely to delay crypto legislation. Bank of England Deputy Governor Jon Cunliffe said on Wednesday that regulators' plans for stablecoin regulation were delayed by the government disarray. In April, Glen and Sunak announced the introduction of crypto legislation packages, and since then, the Treasury has released a consultation on regulating systemic stablecoins.
Johnson was elected prime minister in 2019.
UPDATE (July 7, 11:38 UTC): Johnson says, "