In brief
- U.K. Financial Conduct Authority official Jane Moore warned that a "global response" to crypto regulation is essential.
- Lord Chris Holmes argued that "right-size regulation" benefits innovation and investment, stating that only "grifters and chancers" want a regulatory-free environment.
- European officials expressed concern about U.S. dollar-based stablecoins potentially dominating retail payments in Europe, highlighting the geopolitical implications of crypto regulation.
A senior official at the U.K. Financial Conduct Authority, or FCA, warned a "global response" to crypto is crucial to prevent regulatory arbitrage.
Speaking at DigiAssets 2025, Jane Moore said the British agency is keeping a close eye on developments in the U.S. Just a day earlier, the Senate passed its first major piece of crypto legislation in the form of the GENIUS Act—a framework for issuing and trading stablecoins.
Moore went on to argue that a "culture of compliance" within digital asset firms would ultimately result in safer products for consumers.
Lord Chris Holmes, who sits in Britain's upper legislative chamber, added that he believes "we're about to enter a very positive period for regulation in the U.K."
But he stressed that stakeholders in the digital assets space—from investors to entrepreneurs—shouldn't have the right to "moan" about regulations unless they get involved in the consultations led by the FCA. During the panel, he argued right-size regulation "is good for innovation, good for investment, good for consumers, for creatives, for citizens and for countries."
Senate Passes Landmark Stablecoin Bill in Major Boon for Crypto Industry
After months of dramatic starts and stops, the U.S. Senate successfully passed the GENIUS Act Tuesday afternoon, a landmark bill that formally establishes a framework for issuing and trading stablecoins in the United States. The bill passed 68-30, with 18 Democrats joining Republicans in support of the legislation. A Senate Republican, Josh Hawley (R-MO), voted against the bill, joining progressive Senate Democrats like Elizabeth Warren (D-MA) in opposition to provisions in the legislation that...
"The only people who want a regulatory-free environment are the grifters and the chancers," Lord Holmes said. "If you're seeking to set up, scale and develop a bona fide business, you should always want right-size regulation."
The Conservative peer added that, whether measured in trillions of dollars or as a percentage of GDP, the influence of digital assets will only grow over time.
"We are into this space, we are interested in this space, we understand that whichever stat, whichever figure you take, digital assets are material and only going in one direction," he told the audience.
FCA Asks for Public Feedback on UK Crypto Legislation
The UK's Financial Conduct Authority (FCA) is seeking views around crypto assets as part of steps towards more legislation. The FCA specifically wants views on intermediaries, staking, lending, borrowing and DeFi, or decentralized finance, according to a discussion paper released today. The plan, according to the FCA, is to setup clear crypto legislation as a way to boost confidence and support growth in the sector. This is a first step towards legislation following a draft paper set out by the...
Cryptio's chief revenue officer Hemant Pandit argued that the regulatory moves made in the U.K. and EU still matter, even if the U.S. is "moving full steam ahead" and regarding stablecoins as a way of achieving dollar dominance.
That point was underlined by Christian Moor, a senior policy expert at the European Central Bank.
"It's going to be interesting to see if stablecoins become a payment method in the retail space in Europe,” he said, “and if it's based on the dollar, that's obviously a serious issue.”
Edited by Stacy Elliott.
