UK Lawmakers Urge Rejection of Proposed Stablecoin Limits

According to PANews, a cross-party group of UK lawmakers has urged Chancellor Rachel Reeves to oppose the Bank of England's proposal to cap stablecoin holdings in the country. The group argues that such policies could undermine the government's efforts to position the UK as a leader in the digital asset sector. In a letter to Reeves, members of the House of Lords, including CMC Markets Plc CEO Peter Cruddas, expressed concern that the Bank's plan to limit individual stablecoin holdings would not reduce risk but instead drive capital overseas. The group stated, "We are deeply concerned that the UK is gradually moving towards a fragmented and restrictive approach that will hinder innovation, limit adoption, and push activities abroad source: https://www.binance.com/en/square/post/33600726225233?utm_source=BinanceNewsRSS