Starmer Says He Lacks Authority to Lead as Bank of England Advances Stablecoin Rules

UK Prime Minister Keir Starmer said on Monday morning, June 22, that he no longer had the authority to lead, becoming the sixth prime minister in a decade. The political upheaval comes as UK crypto regulation continues to advance, according to BeInCrypto, with regulators in the final stages of formalising a comprehensive framework. The Bank of England this week published a policy statement and draft rules on sterling-denominated systemic stablecoins, cutting the required share of backing assets held in central bank deposits to 30% from 40% and replacing holding caps with issuance limits, including an initial maximum of £40 billion per systemic stablecoin.