Coinbase VP urges UK to scrap proposed stablecoin holding limits

Coinbase has called on the UK to withdraw the Bank of England's proposed regulations that would cap stablecoin holdings, The Block reported. Speaking at a hearing of the UK House of Lords' Financial Services Regulation Committee, Tom Duff Gordon, Coinbase's vice president of international policy, argued that London's position as a global financial hub over the next decade hinges on its stablecoin regulatory framework. He warned that a significant gap exists between the UK government's policy goals and the actual draft regulations, which could cause the country to fall behind in the global stablecoin competition without greater clarity and effectiveness. Gordon specifically noted that the proposed corporate holding limit of 10 million pounds is insufficient given the scale of capital markets, potentially preventing stablecoins from reaching a stage of practical use.