Emma Reynolds, former parliamentary secretary at the Treasury, has been appointed the new economic secretary.
Reynolds’s appointment follows the resignation of Tulip Siddiq, who stepped down in a letter to the Prime Minister. Siddiq, the member of parliament for Hampstead and Highgate, cited personal reasons for her departure.
The new economic secretary will play a key role in shaping the government’s crypto regulation agenda. In addition to digital assets, Reynolds will oversee the U.K.’s central bank digital currency plans.
Her appointment comes as the U.K. continues to push for greater regulatory compliance in the crypto sector. The government has pursued this approach over the past few years as part of its ambition to become a leading hub for digital assets innovation.
Market watchdogs, such as the Financial Conduct Authority, have adopted a more supportive stance toward the crypto industry in recent months, contrasting with the stricter approach taken by the U.S. under outgoing SEC Chair Gary Gensler.
The landscape has shifted since Donald Trump’s election, and industry players are optimistic about what the new SEC leadership could mean for the crypto ecosystem in the U.S. Trump will be inaugurated on Jan. 20.
As crypto.news highlighted, the SEC plans to move away from its “regulation by enforcement” strategy and freeze certain ongoing lawsuits that do not involve fraud.
While it remains to be seen how Reynolds will impact the U.K.’s crypto policies, the general sentiment is that the country aims to remain competitive amid growing global crypto adoption.
In December 2024, the European Union’s Markets in Crypto Assets rules came into full effect, with industry players keen on leveraging the clarity MiCA offers to expand across the bloc.
The U.K.’s own legislation on cryptocurrencies and stablecoins is expected to be finalized in early 2025.
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