Nearly a dozen UK industry trade bodies have written to Chancellor John Healey urging the Treasury not to delay plans for a government-led digital finance blueprint. Groups including Innovate Finance, TheCityUK, and Tech UK asked ministers to commit to publishing the strategy within 12 months, according to a letter reported by City AM.
Industry Groups Demand Certainty via Clause 50
The government must prepare and consult on a digital assets strategy under terms in the Financial Services and Markets Bill. Conservative party amendments established this requirement, known as ‘Clause 50’, requiring the Treasury to publish and consult on the blueprint within a year.
Industry leaders expressed concern that the Treasury might use its Commons majority to remove or delay Clause 50 during upcoming parliamentary votes. Investment minister Lord Pitt-Watson argued during a Lords debate in September that the 12-month deadline was redundant and risked interfering with ongoing regulatory work.
Balancing Safeguards and Financial Growth
In response to the proposed deadline changes, Katie Harries, director of policy at Coinbase, urged the government to retain Clause 50 and deliver the strategy the sector requested. Shadow City minister Mark Garnier warned that dropping the publishing requirement would be a mistake for the UK digital asset sector.
Financial watchdogs continue evaluating oversight frameworks for cryptocurrencies and stablecoins. The Bank of England is scheduled to finalise its stablecoin regime later this year to govern blockchain-based currencies pegged to standard currencies.
Readers can follow related parliament activity via UK Bitcoinblog.com for updates on UK regulatory developments.
Main picture: Photo by Aswin Mahesh on Unsplash
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