Michaela
Crypto exchange Coinbase has rallied its UK user base behind a public petition calling for a pro-innovation approach to blockchain and stablecoin policy, giving the July-launched campaign fresh momentum.
Key points:
- Coinbase has mobilized its UK user base to support a petition calling for pro-innovation blockchain and stablecoin policies, boosting momentum for the July-launched campaign.
- The petition urges the UK government to establish a comprehensive framework, including stablecoin regulation, blockchain adoption, and appointing a dedicated crypto “czar,” with over 7,000 signatures so far.
- Former finance minister George Osborne and Coinbase warn that without urgent reform, the UK risks falling behind global competitors like the US, Singapore, and Hong Kong in digital asset innovation.
The petition, published on the UK government’s website, calls for a comprehensive policy framework that covers stablecoin regulation, wider blockchain adoption, and the appointment of a dedicated blockchain and crypto “czar.”
“For centuries London was the centre of global trade and finance. We consider that the future is digital where equities, bonds and real world assets exist as tokens – tradeable 24/7, instantly, globally,” the petition further stated.
The petition gained renewed traction this week after Coinbase reportedly sent in-app notifications urging users to sign. Screenshots circulating on X show the exchange calling on its community to “help the UK lead stablecoin innovation now.”
X user, Emi, shared that upon logging into Coinbase, they received the petition prompt, which warned that the UK risks falling behind as other nations advance. The message urged users to sign in support of protecting innovation, competitiveness, and the pound’s global position.
Furthermore, the petition notes that it considers stablecoins to be the basis of a tokenised economy, as the U.S. has ruled out CBDCs and is leaning into stablecoins. “The UK is at a crossroads and we believe it will fall behind without a strategy,” the petition wrote. “This is a question of national interest to preserve the competitiveness of the City and sterling’s global standing,” it added.
As of now, the petition has collected more than 7,000 signatures. Under UK rules, a government response is triggered once it reaches 10,000, while surpassing 100,000 signatures could see the issue brought forward for debate in Parliament.
Coinbase and Osborne Sound Alarm on UK Crypto Lag
Coinbase’s latest push for regulatory clarity in the UK builds on earlier efforts to spotlight gaps in the country’s approach to digital assets. Back in July, the exchange released a satirical video titled “Everything is Fine”, which mocked Britain’s financial system by pairing upbeat lyrics about strong finances with imagery of inflation, poverty, and economic hardship.
“If everything is fine, then don’t change anything at all,” Coinbase teased. “But when the financial system isn’t working for so many people in the UK, it needs to be updated,” the exchange added.
In August, former UK finance minister George Osborne cautioned that Britain could lose ground in the global digital asset race without urgent regulatory reform. He criticized the Labour government and the Bank of England for moving too slowly compared to other countries and likened the current moment to the 1980s “Big Bang” reforms, which transformed London into a top financial hub. Osborne warned that failing to act decisively could mean missing a comparable opportunity in the crypto era.
Furthermore, Osborne noted how jurisdictions such as the United States, Abu Dhabi, Hong Kong, and Singapore are actively advancing legal frameworks for cryptocurrencies and stablecoins, presenting them as models of progress. By comparison, he argued, the UK is being “completely left behind.”
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
