Thomas Daniels
In a recent Financial Times op‑ed, former UK Chancellor George Osborne, now an adviser to Coinbase, asserted that the United Kingdom is lagging behind in the cryptocurrency domain, especially in the emerging stablecoin sector. Osborne warned that without swift regulatory action, the pound risks falling further behind the U.S. dollar in digital asset markets.
Osborne highlighted stablecoins—on‑chain versions of fiat currencies that expedite cross‑border transfers and reduce settlement friction—as a critical innovation the UK is failing to capitalize on. According to him, London’s global financial dominance was built on embracing fintech; its current inertia is putting that legacy at risk.
“On crypto and stablecoins, as on too many other things, the hard truth is this: we’re being completely left behind. It’s time to catch up,” Osborne wrote, noting U.S. legislative momentum via proposals like the GENIUS Act, which reinforce the dollar’s global reserve currency primacy and expand its foothold in digital assets. In contrast, the UK’s hesitation means the pound may not even serve in a supporting role despite sterling being among the top‑five most‑traded currencies (Bank for International Settlements data).
Osborne’s critique took aim at Chancellor Rachel Reeves, claiming she has yet to implement bold reforms on stablecoin policy—despite earlier assurances.
The op‑ed coincided with Coinbase’s satirical musical ad, “Everything Is Fine,” which lampoons the UK’s ongoing economic malaise and cost‑of‑living crisis, implying that crypto could offer a more dynamic alternative. Coinbase’s CEO Brian Armstrong asserted that the ad was banned by major UK television networks, though CNBC has been unable to independently confirm that claim.
While precise figures are elusive, OpenSecrets identified Coinbase as a major U.S. crypto lobbying force in 2024—investing millions in election‑cycle advocacy. Politico reports that Coinbase has now outspent every other crypto firm in lobbying. The latest ad and Osborne’s op‑ed signal Coinbase’s strategic pivot back to the UK market, which it originally entered in 2015.
