Coinbase CEO says UK stablecoin rules are out of step with innovation

Coinbase CEO Brian Armstrong stated on X that the UK's stablecoin regulation, now in its final stages, could undermine the country's competitiveness in the digital economy. He noted that the Bank of England has proposed limits on stablecoin holdings for both individuals and businesses. Armstrong emphasized that while the UK has long been a financial hub, embracing and encouraging innovation is crucial to maintaining that status, especially as other nations are moving quickly. He argued, however, that the current regulatory direction is moving in the opposite direction and will "clearly act as a factor that hinders innovation."