UK Lawmakers Urge Reeves to Challenge BOE on Stablecoin Plan (1)

A cross-party group of UK lawmakers has urged Chancellor Rachel Reeves to push back against the Bank of England’s proposals to cap stablecoin holdings in the country, arguing its policies would undermine government efforts to position the UK as a leader in digital assets.

In a letter addressed to Reeves, members of the House of Lords including Peter Cruddas, chief executive officer of trading platform CMC Markets Plc, said the BOE’s plans to limit the amount of stablecoins individuals can hold would drive capital offshore instead of mitigating risks.

“We are deeply concerned that the UK is ...