While the technology has the potential to help the country retain its leading role in global financial services, the UK is still lagging behind the digital asset market, especially in the Stablecoins space.
This is the most recent central information Financial Times on-ed Written by former British Prime Minister George Osborne, turn to crypto lobbyist, who Joined Coinbase as a consultant last year.
“What I saw made me anxious. We did not hesitate to allow ourselves to be left behind,” Osborne wrote, referring to his native Britain.
A key issue in Osborne is the slow progress of stabilizing bacteria – Legal currency This helps reduce friction between transactions and cross-border remittances.
He believes that London’s position as a global financial hub stems from its willingness to accept innovation – an attitude that has been almost abandoned.
“As for cryptocurrencies and stablecoins, like so many other things, the hard truth is: we’re completely abandoned. It’s time to catch up,” Osborne wrote.
And the United States proposed Genius Law To strengthen the dollar’s role as the main global reserve currency, Osborn warned that the British government’s inaction “make sure the pound doesn’t even play a supporting role”, highlighting the Greenguard’s overwhelming lead in stabilizing the market.
According to Sterlling, the top five prescription currencies in the world, this is a major setback. International settled bank.
Osborne’s album has harsh criticism of current Prime Minister Rachel Reeves, noting that he failed to follow her promise of bold measures against stablecoins.
Related: The prosperity of RWA tokens after Genius Act is passed – Aptos Exec
Coinbase’s satirical advertising spark controversy
After his suggested company Coinbase released a provocative music ad, Osborne’s column criticized the UK’s mismanagement and ongoing cost-of-living crisis.
The ad titled “Everything is OK” satirizing the country’s bleak state, perhaps a way to highlight the potential of cryptocurrencies as a substitute for creating wealth.
“If everything is good, don’t change anything. But when the financial system doesn’t work for so many people in the UK, it needs to be updated,” Coinbase wrote on YouTube subtitles.
Coinbase CEO Brian Armstrong claimed last week that the ad was banned by major UK television networks. However, CNBC explain As of Monday, it could not independently verify the claim.
While it’s difficult to quantify accurately, Coinbase has been a major player in U.S. crypto lobbying, especially in 2024, when it invests millions of dollars in a crucial election year. OpenSecrets.
As a politics Reportthe company began lobbying a decade ago and has greatly improved its efforts since then. In fact, the publication notes that Coinbase spends more on lobbying than any other cryptocurrency company.
Its latest advertising campaign and Osborne columns show that the company is refocusing its focus on the UK – a market that first entered in 2015.
Related: UK regulators raise cryptocurrency ban for retail investors
