The UK is falling behind in the digital asset market, particularly in the stablecoin sector, despite the technology's potential to help the country maintain its leading position in global financial services.
This is the core message conveyed by George Osborne, the former Chancellor of the Exchequer and now a cryptocurrency lobbyist, in a recent op-ed for the Financial Times. Osborne joined Coinbase as an advisor last year.
"What I see makes me anxious. We have not only failed to become early adopters, but we have also allowed ourselves to be left behind," Osborne wrote about his home country, the UK.
One of Osborne's focal points is the slow progress of stablecoins—these on-chain fiat representations are helping to reduce friction in transactions and cross-border remittances.
He believes that London’s status as a global financial center stems from its willingness to embrace innovation—an attitude that has now almost been abandoned.
"In terms of cryptocurrency and stablecoins, as with too many other things, the brutal fact is: we are being completely left behind. It’s time to catch up," Osborne wrote.
As the US advances legislation like the GENIUS Act to strengthen the dollar's position as the dominant global reserve currency, Osborne warned that the UK government's inaction "ensures that the pound won't even play a supporting role," highlighting the dollar's overwhelming lead in the stablecoin market.
Given that the pound is one of the top five currencies by global trading volume according to the Bank for International Settlements, this is a significant setback.
Osborne's op-ed serves as a sharp critique of the current Chancellor of the Exchequer, Rachel Reeves, pointing out her failure to deliver on promises to take bold action on stablecoins.
Before Osborne's op-ed was published, Coinbase, the company he advises, released a provocative musical advertisement criticizing the UK's mismanagement of the economy and the ongoing cost of living crisis.
The ad, titled "Everything is Fine," satirizes the country's bleak situation, perhaps to highlight the potential of cryptocurrency as an alternative for wealth generation.
"If everything is fine, then don’t change anything. But when the financial system isn’t working for so many people in the UK, it needs an update," Coinbase wrote in the YouTube ad caption.
Coinbase CEO Brian Armstrong claimed last week that the ad was banned from airing on major UK television networks. However, CNBC reported that it could not independently verify this claim as of Monday.
While difficult to quantify precisely, according to OpenSecrets, Coinbase has been a major player in US cryptocurrency lobbying, particularly in this critical election year of 2024, with the company spending millions.
According to Politico, the company began lobbying over a decade ago and has since significantly ramped up its efforts. In fact, the publication noted that Coinbase's lobbying expenditures exceed those of any other crypto company.
Its latest advertising campaign and Osborne's op-ed indicate that the company is refocusing its attention on the UK—a market it first entered in 2015.
Related: National Rally party in France supports using nuclear energy to mine Bitcoin (BTC)
Original article: “Coinbase Shifts Lobbying Focus to the UK in Sharp Op-Ed”
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