A UK House of Lords committee warned that strict stablecoin rules could make pound sterling tokens commercially unworkable despite supporting regulation.
The United Kingdom should press ahead with stablecoin regulation but avoid rules that make a pound sterling stablecoin market commercially unworkable, a House of Lords committee warned in a report released Wednesday.
The cross-party Financial Services Regulation Committee said the UK was “lagging behind” the United States and the European Union and that the absence of a clear regime has “suppressed stablecoin development and investment in the UK,” despite the growth of global US dollar-pegged tokens such as USDt (USDT) and USDC (USDC).
While backing much of the Bank of England (BoE) and Financial Conduct Authority’s proposed framework, the committee warned that some measures risk undermining the viability and competitiveness of UK-issued stablecoins.
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