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- Former UK Chancellor George Osborne likened crypto’s evolution to the 1980s “Big Bang” reforms, warning against excessive regulatory caution.
- Coinbase CEO Brian Armstrong responded to UK television networks banning the exchange’s ad campaign, saying it highlights outdated views of crypto.
George Osborne, the former UK chancellor, has slammed the government’s approach towards cryptocurrencies, stating that Britain is falling behind the US, the EU, and Asia. Osborne is currently serving on the global advisory council of U.S.-based crypto exchange Coinbase.
In his recent attack, he slammed Chancellor Rachel Reeves and Bank of England Governor Andrew Bailey for keeping the UK behind in financial innovation. In his recent email to the Financial Times, Osborne noted:
Rachel Reeves rightly says we’ve all become too risk averse. We became the world’s financial centre because we weren’t afraid of change. On crypto and stablecoins, as on too many other things, the hard truth is this: we’re being completely left behind. It’s time to catch up.
UK Chancellor Says Excessive Caution is Hurting the Country’s Crypto Ambitions
Osborne compared the current transformation in the crypto sector to the “Big Bang” financial reforms of the 1980s. As a result, the UK chancellor called for urgent action to ensure his country does not miss a pivotal opportunity. The latest appeal comes as recent reports suggested that the UK will sell 61,000 seized BTC, worth 5 billion pounds.
Osborne dismissed criticism of regulators’ caution as a “lame excuse” and urged Chancellor Rachel Reeves to follow the U.S. Congress in establishing a clear legal framework for crypto. While the Bank of England has maintained a cautious stance on stablecoins, other jurisdictions have moved faster in implementing regulations. Governor Andrew Bailey continues to voice concerns over their potential volatility and risk to monetary stability
The UK’s Financial Conduct Authority has overseen crypto firms’ anti-money laundering compliance since 2020. However, the rollout of broader regulatory measures for stablecoins and digital assets has lagged, despite proposals published by the Treasury and FCA in April. In a positive move, the FCA was considering offering retail players access to crypto ETNs moving ahead, as mentioned in our earlier story.
Brian Armstrong Slams UK TV for Banning Coinbase Ads
As Coinbase seeks to push further its base in the UK market with crypto adoption, it finds that UK TV has been banning its ads recently. Coinbase CEO Brian Armstrong stated that the controversy reflects deeper discomfort with crypto’s challenge to the status quo.
“Our ad, which got banned in the UK by the TV networks, has sparked quite a reaction,” Armstrong said in a statement.
If you can’t say it, then there must be a kernel of truth in it.
Armstrong framed the ad as a commentary on how the traditional financial system is failing many people globally, and how crypto offers an alternative path for reform. “There are people in the UK who still think of crypto as some kind of gambling product,” Armstrong added.
