TLDR
- Coinbase CEO Brian Armstrong criticized proposed UK rules that would cap stablecoin holdings for individuals and businesses.
- The draft framework would limit individual stablecoin balances to about £20,000 and business holdings to £10 million.
- Armstrong said the measures could weaken the United Kingdom’s position as a global financial hub.
- He urged UK residents to support a petition organized by Stand With Crypto UK.
- The petition has gathered more than 80,000 signatures and needs 100,000 for parliamentary consideration.
Coinbase chief executive Brian Armstrong has challenged proposed United Kingdom stablecoin limits. He said draft rules from the Bank of England could restrict growth and competition. He urged policymakers to revise the framework before final approval.
Bank of England Stablecoin Proposal Draws Response
The Bank of England is finalizing regulations that would cap individual and business stablecoin holdings. Critics say the plan sets limits of around £20,000 for individuals and £10 million for companies.
Armstrong addressed the issue in a post on X on Tuesday. He wrote,
“The UK has a long history of being a financial hub,” and called for change.
https://x.com/brian_armstrong/status/2026418502022664637?s=20
He argued that embracing blockchain tools will help London keep its global role. He also asked residents to support a petition organized by Stand With Crypto UK.
Petition and Global Stablecoin Policy Debate
The petition has gathered more than 80,000 signatures under parliamentary rules. Rules state that lawmakers consider petitions for debate after 100,000 signatures.
Online reactions followed Armstrong’s comments and focused on regulatory balance. Some users said the United States should resolve pending crypto legislation before criticizing others.
Others argued that regulators must manage systemic risk while allowing stablecoins to scale. They called for proportional frameworks that support growth and maintain oversight.
The debate reflects rising competition over stablecoin rules across major financial centers. Lawmakers in the United States and the European Union` are advancing separate frameworks.
The global stablecoin market now exceeds $180 billion in value. Policymakers are racing to set standards that govern reserves, custody, and consumer protections.
The Bank of England has not released final rules. Officials continue consultations as they refine the stablecoin framework.
Armstrong said clear rules can support growth if authorities avoid strict caps. He maintained that limits could restrict adoption for businesses handling large transactions.
Stand With Crypto UK launched the petition to influence the policy process. Organizers said they want lawmakers to debate the proposals in Parliament.
Parliamentary procedure requires 100,000 verified signatures to trigger formal consideration. The petition remains open as supporters seek additional backing.
Armstrong’s statement placed pressure on UK authorities during final reviews. The Bank of England continues discussions with industry participants and government officials.
UK officials have said they aim to protect financial stability and consumers. They have not commented directly on Armstrong’s remarks.
