A cross-party group of UK lawmakers jointly expressed concerns about the Bank of England (BOE)’s proposal to limit stablecoin holdings in the country, urging Chancellor Rachel Reeves to push back on the controversial policy.

UK Lawmakers Fight Stablecoin Cap Plans

On Thursday, a coalition of UK lawmakers sent a letter asking Chancellor Rachel Reeves to oppose some of the Bank of England’s stablecoin-related policies that could undermine the government’s efforts to position the UK as one of the leading nations in the digital assets industry.

In the letter reviewed by Bloomberg, members of the House of Lords, the House of Commons, and peers highlighted how stablecoins are reshaping financial infrastructure by lowering costs, accelerating settlements, and promoting financial inclusion.

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