{"id":40422,"date":"2025-08-05T03:16:31","date_gmt":"2025-08-05T03:16:31","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=40422"},"modified":"2025-08-05T03:16:31","modified_gmt":"2025-08-05T03:16:31","slug":"time-to-catch-up-former-chancellor-says-uk-risks-missing-second-crypto-wave","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=40422","title":{"rendered":"Time To \u2018Catch Up\u2019: Former Chancellor Says UK Risks Missing Second \u2018Crypto Wave\u2019"},"content":{"rendered":"
\n

The UK\u2019s former Chancellor of the Exchequer, George Osborne, has criticized the government\u2019s approach to the crypto industry, arguing that they must \u201ccatch up\u201d or risk being \u201cleft behind\u201d during the second wave of digital assets.<\/p>\n

UK To Miss Second Crypto Wave?<\/h2>\n

On Monday, former Chancellor and member of Coinbase\u2019s advisory council, George Osborne, weighed in on Chancellor Rachel Reeves and Bank of England governor Andrew Bailey\u2019s crypto strategy.<\/p>\n

In an opinion piece for the Financial Times, Osborne asserted<\/a> that a decade ago, the government\u2019s message was \u201cIf crypto is happening, then we want it to happen here.\u201d However, he considers that \u201cfar from being an early adopter, we have allowed ourselves to be left behind.\u201d<\/p>\n

The former Chancellor explained that since he used Britain\u2019s first Bitcoin ATM 11 years ago, the UK has had multiple chancellors vowing to support the industry, but \u201cnext to nothing has happened.\u201d As a result, they had lost the opportunity to lead the crypto industry while US authorities remained skeptical.<\/p>\n

Now, \u201chaving missed the first crypto wave, we\u2019re about to miss the second: stablecoins,\u201d he affirmed, noting that, unlike the UK, the EU has legislated crypto, and the US just signed into law the GENIUS<\/a> Act to make America \u201cthe center of the stablecoin revolution.\u201d<\/p>\n

\n

We\u2019re still deliberating. The chancellor says she\u2019ll \u201cdrive forward\u201d on stablecoins, whatever that means, while the Bank of England\u2019s governor remains unconvinced that commercial banks should issue them. This hesitation risks irrelevance.<\/p>\n<\/blockquote>\n

A Call To \u2018Catch Up\u2019<\/h2>\n

Osborne argued that UK authorities cannot continue to wait and evaluate the development of the digital revolution, \u201creminiscent of Nigel Lawson\u2019s Big Bang in the 1980s,\u201d while other financial capitals, including Singapore, Hong Kong<\/a>, and Abu Dhabi, adopt comprehensive legislative frameworks for crypto asset platforms.<\/p>\n

Notably, the UK\u2019s Financial Conduct Authority (FCA) is working<\/a> to establish a more comprehensive regulatory framework for digital assets starting next year. The financial watchdog has released a Discussion Paper on the features of the upcoming crypto regime as part of its crypto roadmap to expand to a more comprehensive regulatory framework.<\/p>\n

The HM Treasury has also published a draft and an explainer document detailing the intended policy outcomes of proposed provisions to establish a complete regime for cryptocurrencies.<\/p>\n

The proposed rules are expected to bring exchanges, dealers, and agents into regulatory limits, crack down \u201con bad actors while supporting legitimate innovation,\u201d and set clear transparency, consumer protection, and operational resilience standards, like traditional financial institutions.<\/p>\n

Last week, the FCA announced<\/a> its plans to lift the current restrictions on crypto exchange-traded notes (cETNs) for retail investors, starting in October. Additionally, it has introduced a new set of reporting rules to ensure crypto investors are not deliberately evading taxes.<\/p>\n

According to the former Chancellor, some of the proposed rules, like requiring sterling stablecoins to be backed only by central bank reserves, guarantee that the UK doesn\u2019t lead the sector, as major financial players will continue to innovate \u201cregardless of the Bank of England\u2019s stance.\u201d<\/p>\n

Osborne considers that blaming regulators is \u201ca lame excuse,\u201d as the current restrictive approach \u201censures the pound won\u2019t even play a supporting role.\u201d He urged ministers to embrace innovation and set the long-awaited framework.<\/p>\n

\u201cWe became the world\u2019s financial centre because we weren\u2019t afraid of change. On crypto and stablecoins, as on too many other things, the hard truth is this: we\u2019re being completely left behind. It\u2019s time to catch up,\u201d he concluded.<\/p>\n

\"crypto,<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The UK\u2019s former Chancellor of the Exchequer, George Osborne, has criticized the government\u2019s approach to the crypto industry, arguing that they must \u201ccatch up\u201d or risk being \u201cleft behind\u201d during the second wave of digital assets. UK To Miss Second Crypto Wave? On Monday, former Chancellor and member of Coinbase\u2019s advisory council, George Osborne, weighed […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-40422","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/40422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40422"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/40422\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}