The Bank of England is reviewing proposed caps and reserve rules for sterling stablecoins following industry backlash. Officials aim to keep stablecoin issuers onshore in the UK.
The Bank of England is reviewing its plans for stablecoin regulations after industry pushback. Sources describe the initial proposals as overly conservative in their approach to caps and reserve requirements for sterling stablecoins.
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The Bank of England has replaced proposed limits on individual and corporate stablecoin holdings with a temporary £40 billion issuance guardrail per coin. The move also allows issuers to hold more reserves in government debt while preparing for a 2027 launch of regulated stablecoins.
EU finance ministers and the ECB discussed ways to bolster euro-denominated stablecoins during a meeting in Nicosia last week. Officials expressed concerns that dollar-backed tokens could weaken European banks and monetary policy control. The ECB rejected proposals for relaxed liquidity rules or central bank backstops.
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The stablecoin industry is pushing back against the Bank of England's proposed ban on unhosted wallets. Industry observers warn that restricting such wallets could limit key applications like remittances.
The European Banking Authority has proposed new penalty rules for significant token issuers that fail to comply with MiCA regulations.
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A bipartisan group of U.S. senators has called on the Treasury Department to create a clear process for states to demonstrate their ability to supervise stablecoins under the GENIUS Act.
JPMorgan Chase CEO Jamie Dimon sharply criticized Coinbase CEO Brian Armstrong on Friday over provisions in the Digital Asset Market Clarity Act. Dimon warned that the bill's approach to stablecoin rewards could lead to failure without stronger bank-style protections.
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Leading economists gathered at a seminar hosted by the Egyptian Center for Economic Studies to discuss how digital currencies are reshaping the global financial landscape. They highlighted unprecedented challenges to monetary policy and the need for flexible regulatory frameworks. Speakers emphasized innovation opportunities alongside significant risks.