Stablecoins Get Backing From Cross-Party UK Lawmakers Urging Pro-Innovation Rules

Source: CryptoNewsNet Original Title: Stablecoins Get Backing From Cross-Party UK Lawmakers Urging Pro-Innovation Rules Original Link: A cross-party coalition of U.K. lawmakers has called on Chancellor Rachel Reeves to step in and ensure Britain’s regulatory framework for stablecoins doesn’t stifle innovation or drive capital overseas, warning that the Bank of England’s current proposals risk undermining the City of London’s appeal as the global financial hub.

The group, which includes prominent MPs and peers such as Sir Gavin Williamson, Viscount Camrose, and Baroness Verma, said that stablecoins—digital tokens pegged to an external reference such as traditional fiat currencies—are fast becoming a pillar of the digital economy.

These tokens are reshaping financial transactions by lowering costs, accelerating settlements, and promoting financial inclusion, they argued.