Exodus of pro-crypto financial regulators in the UK amid allegations of misconduct in the Prime Minister's government

In his resignation letter, Economic Secretary to the Treasury John Glen said "vital reforms" to the nation's financial services were ready to be presented to Parliament.

Several regulators of the UK's financial system have resigned following allegations that Prime Minister Boris Johnson exercised "poor judgment" in appointing a cabinet minister.

In a letter to Johnson posted to Twitter on Wednesday, Treasury Economics Secretary John Glen said his decision to resign was prompted by "recent events regarding the handling of the appointment of the former Deputy Chief Whip" as well as the Prime Minister. The minister's "poor judgement" over the incident. Glen added that "vital reforms" to the country's financial services were ready to be introduced in Parliament.

With deep regret, I resign from the government.

I won't do media interviews on this. pic.twitter.com/IT0C50g8My

Glen's resignation follows that of Rishi Sunak, Chancellor of the Exchequer of the United Kingdom, who announced on Tuesday that he would also leave Johnson's government for similar reasons. Sunak said he would step down amid "serious challenges" to the global economy, including the effects of the pandemic and the war in Ukraine:

“The public rightly expects government to be run properly, competently and seriously. 'be defended and that's why I'm resigning."

Glen and Sunak will both remain MPs in their respective areas of Salisbury and Richmond. During Glen's time in British government, he encouraged reform of the country's tax system to "make it work more easily for...