Latest news with #StablecoinAct
Yahoo
2 days ago
- Business
- Yahoo
Why UK can leapfrog EU and US on crypto, according to Coinbase exec
More than two years after then-chancellor, and later UK prime minister, Rishi Sunak pledged to make the UK a "global crypto hub," the digital asset landscape has evolved rapidly. In an industry where two years can feel like a decade, has the UK managed to keep pace with global developments, or is it slipping behind? On the latest episode of Yahoo Finance Future Focus, Coinbase (COIN) UK's senior country director Keith Grose weighed in on the UK's crypto trajectory, and what the shift to a new Labour government could mean for the sector's future. 'Two years might be a long time in crypto,' Grose said, 'but that's not a long time in regulation world.' Despite the crypto industry's blistering pace, Grose said the UK is making meaningful progress. Just last week, the Financial Conduct Authority (FCA) released long-awaited draft rules on stablecoins, cryptoasset custody, and exchange operations, steps Grose sees as significant milestones toward making the UK crypto-friendly. 'The whole crypto regime is being put into force this year,' he explained. 'The FCA is really moving quickly to make this a friendly place for crypto. They're very growth-focused.' Read more: Crypto live prices This comes at a time when other major markets, particularly the US, are dramatically stepping up their crypto efforts. The US Congress is debating multiple bipartisan bills, including the Stablecoin Act and the FIT21 crypto framework, while president Donald Trump has floated the idea of a national digital asset reserve. Still, Grose believes the UK has a unique advantage. With the EU's MiCA regulation taking effect and the US experimenting with various policy directions, Britain has a "third-mover advantage." 'We get to look at what's happening in Europe and the US,' he said. 'If the FCA is smart about how they're regulating, we can leapfrog some of the challenges others are facing.' One of the most exciting developments, Grose said, is the UK's move to regulate stablecoins, which are increasingly seen as a foundational piece of future payment infrastructure. 'We haven't seen a pound-backed stablecoin at scale yet in the UK, but it's coming,' Grose said. 'And when it does, it's going to be very exciting.' According to Grose, both the FCA and the Bank of England are working on a regulatory framework to support stablecoins as legitimate payment rails, signalling a broader shift toward crypto being embedded into the mainstream financial system. This could also be a strategic response to developments across the Atlantic, where US states are beginning to adopt strategic reserves of bitcoin, and where the idea of a federal crypto strategy is now on the table. 'You have Trump releasing executive orders, Congress working on regulation, and both the SEC and CFTC taking action. That's the full force of government,' Grose said. 'I'd love to see something like that here in the UK.' With the Labour government now in power, there's hope that regulatory momentum will continue, or even accelerate. While Labour hasn't yet laid out a comprehensive crypto strategy, Grose is optimistic that the UK's institutional machinery is aligned for progress. The key, he suggested, will be ensuring that crypto is not siloed within just one regulatory body, but instead becomes a whole-of-government priority, as is increasingly the case in the US. 'I think there's a lot happening behind the scenes, at the policy level, industry level, to make Rishi's original vision a reality. We're not there yet, but we're well on the way.' Read more: 6 crypto developments in 2025 that will keep fuelling bitcoin's rally Grose revealed that Coinbase has ramped up its operations, receiving its VASP (Virtual Asset Service Provider) registration, a license that makes Coinbase the largest authorised crypto firm in the UK. 'We've brought all of our UK users back in-house,' Grose said. 'We're now servicing them directly from our UK entity and can run our own financial promotions.' And that means more visibility for Coinbase in the UK market. While Grose didn't give away all the details, he hinted that something big is coming in early July, and that Londoners should keep an eye out for Coinbase's next move. 'You'll see the Coinbase brand more,' he said. 'And you'll see a lot of new products coming out of the UK.' Read more: Why pension funds are buying bitcoin What we know about Elon Musk's controversial blockchain vision for US How AI could change the internetError while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Why UK can leapfrog EU and US on crypto, according to Coinbase exec
More than two years after then-chancellor, and later UK prime minister, Rishi Sunak pledged to make the UK a "global crypto hub," the digital asset landscape has evolved rapidly. In an industry where two years can feel like a decade, has the UK managed to keep pace with global developments, or is it slipping behind? On the latest episode of Yahoo Finance Future Focus, Coinbase (COIN) UK's senior country director Keith Grose weighed in on the UK's crypto trajectory, and what the shift to a new Labour government could mean for the sector's future. 'Two years might be a long time in crypto,' Grose said, 'but that's not a long time in regulation world.' Despite the crypto industry's blistering pace, Grose said the UK is making meaningful progress. Just last week, the Financial Conduct Authority (FCA) released long-awaited draft rules on stablecoins, cryptoasset custody, and exchange operations, steps Grose sees as significant milestones toward making the UK crypto-friendly. 'The whole crypto regime is being put into force this year,' he explained. 'The FCA is really moving quickly to make this a friendly place for crypto. They're very growth-focused.' Read more: Crypto live prices This comes at a time when other major markets, particularly the US, are dramatically stepping up their crypto efforts. The US Congress is debating multiple bipartisan bills, including the Stablecoin Act and the FIT21 crypto framework, while president Donald Trump has floated the idea of a national digital asset reserve. Still, Grose believes the UK has a unique advantage. With the EU's MiCA regulation taking effect and the US experimenting with various policy directions, Britain has a "third-mover advantage." 'We get to look at what's happening in Europe and the US,' he said. 'If the FCA is smart about how they're regulating, we can leapfrog some of the challenges others are facing.' One of the most exciting developments, Grose said, is the UK's move to regulate stablecoins, which are increasingly seen as a foundational piece of future payment infrastructure. 'We haven't seen a pound-backed stablecoin at scale yet in the UK, but it's coming,' Grose said. 'And when it does, it's going to be very exciting.' According to Grose, both the FCA and the Bank of England are working on a regulatory framework to support stablecoins as legitimate payment rails, signalling a broader shift toward crypto being embedded into the mainstream financial system. This could also be a strategic response to developments across the Atlantic, where US states are beginning to adopt strategic reserves of bitcoin, and where the idea of a federal crypto strategy is now on the table. 'You have Trump releasing executive orders, Congress working on regulation, and both the SEC and CFTC taking action. That's the full force of government,' Grose said. 'I'd love to see something like that here in the UK.' With the Labour government now in power, there's hope that regulatory momentum will continue, or even accelerate. While Labour hasn't yet laid out a comprehensive crypto strategy, Grose is optimistic that the UK's institutional machinery is aligned for progress. The key, he suggested, will be ensuring that crypto is not siloed within just one regulatory body, but instead becomes a whole-of-government priority, as is increasingly the case in the US. 'I think there's a lot happening behind the scenes, at the policy level, industry level, to make Rishi's original vision a reality. We're not there yet, but we're well on the way.' Read more: 6 crypto developments in 2025 that will keep fuelling bitcoin's rally Grose revealed that Coinbase has ramped up its operations, receiving its VASP (Virtual Asset Service Provider) registration, a license that makes Coinbase the largest authorised crypto firm in the UK. 'We've brought all of our UK users back in-house,' Grose said. 'We're now servicing them directly from our UK entity and can run our own financial promotions.' And that means more visibility for Coinbase in the UK market. While Grose didn't give away all the details, he hinted that something big is coming in early July, and that Londoners should keep an eye out for Coinbase's next move. 'You'll see the Coinbase brand more,' he said. 'And you'll see a lot of new products coming out of the UK.' Read more: Why pension funds are buying bitcoin What we know about Elon Musk's controversial blockchain vision for US How AI could change the internet
Yahoo
04-06-2025
- Business
- Yahoo
Scoop: JD Vance says Bitcoin strategic reserve act is coming soon
Scoop: JD Vance says Bitcoin strategic reserve act is coming soon originally appeared on TheStreet. In a Roundtable interview at Bitcoin 2025 conference, Sam Kazemian, founder of Frax Finance, shared insights from his private meeting with Vice President JD Vance on stablecoin regulation. Kazemian told TheStreet Roundtable that Vance conveyed his commitment to fostering innovation in the American economy. 'Vice President is deeply committed to bringing innovation to the American economy and promoting American entrepreneurs,' Kazemian said, quoting Vance's message. He added that the Stablecoin Act in the House and its Senate counterpart 'are common sense bills' designed to provide nonpartisan regulatory stepping stones. According to Kazemian, Vance emphasized that stablecoin legislation is only the first phase. 'Everything builds up individually on each individual thing. So after stablecoins comes market structure,' Kazemian said, relaying Vance's view. This next phase will clarify rules around tokens, NFTs and real-world asset tokenization. Vance also outlined the administration's plan for the Bitcoin Reserve Act to 'enshrine legislatively the Bitcoin Reserve of the United States,' ensuring long-term support for Bitcoin within federal policy. Kazemian noted that Vance confirmed the administration's enthusiasm. 'The vice president and the administration have a plan and they're very, very committed to executing it.' He said Vance made clear that 'the crypto, Bitcoin and stablecoin industry is very, very supportive of the administration because they understand this.' When TheStreet Roundtable pressed on how Frax USD is preparing for new rules, Kazemian explained that Vance had reviewed the bills' language and agreed that Frax USD already 'meets the wording of these bills as they stand.' Under the soon-to-be-enacted legislation, the U.S. government could designate Frax USD as legal tender. 'The issuer of the U.S. dollar could point to your asset and say, this is legally a U.S. dollar,' Kazemian said, paraphrasing the vice president's summary. Banks, he added, view 'payment stablecoins as the 20 trillion opportunity,' referring to M1 supply in the U.S. economy. 'These banks know that M1 money is going to be digitized as compliance stablecoins,' Kazemian said. He believes Frax USD is 'fully compliant and slated to be a legal digital dollar,' positioning it to be among the first payment stablecoins adopted by large banks once the legislation passes. Kazemian concluded that Vance's private remarks confirmed a bipartisan belief that stablecoin clarity will bring 'efficiency to markets' and benefit 'all market participants.' Scoop: JD Vance says Bitcoin strategic reserve act is coming soon first appeared on TheStreet on Jun 3, 2025 This story was originally reported by TheStreet on Jun 3, 2025, where it first appeared. Sign in to access your portfolio
