Stablecoin Ownership

Debate between Lord Cromwell and Lord Livermore

Thursday 16th October 2025 Lords Chamber

[Lord Livermore (Lab)]

I do not accept what the noble Baroness says. There are, of course, financial stability and other considerations associated with stablecoin, but these need to be balanced against supporting innovation and ensuring the UK positions itself as a competitive global destination for digital assets. As I set out in my Answer to the original Question, I do not accept that the UK is in any way moving too slowly. The Government will bring forward final legislation to create a financial services regulatory regime for crypto assets this year, which will include issuing qualifying stablecoin in the UK. This will provide crypto asset firms the regulatory certainty needed to invest and help drive innovation in our financial services sector, and at the same time ensure that customers are protected from the worst harms when they make use of crypto asset services.

[Lord Cromwell (CB)]

My Lords, digital assets cover a multitude of products and being the first mover is not always the advantage that some claim. UK politicians and regulators seem to speak with very different levels of enthusiasm about digital assets as a whole, including stablecoins. Who is going to prevail?

[Lord Livermore (Lab)]

The UK Government recognise that facilitating stablecoin innovation is important for UK competitiveness. The Bank of England is the independent regulator for systemic stablecoin and can design its regime as necessary to manage the associated risks. However, it is a matter for the Government to decide whether to recognise firms as systemic and then bring them into the Bank’s regulation. The Treasury and Bank of England maintain a close and ongoing dialogue on the legal and regulatory treatment of stablecoins, in support of the Government’s objective to make the UK a global destination for digital assets.

UK Economy: Capital Gains Tax

Debate between Lord Cromwell and Lord Livermore

Wednesday 9th October 2024 Lords Chamber

[Lord Livermore (Lab)]

The noble Lord knows full well that I am not able to comment on speculation about any specific tax. What I will say is that we must rebuild our public finances, including by addressing the £22 billion black hole inherited from the previous Government.

[Lord Cromwell (CB)]

It is tempting to suggest a tax on black holes. I am aware that a large number of people are pulling out the 25% tax-free cash from their pension for fear that will be reduced or made difficult. How do we square that with encouraging pension funds to invest in British industry?

[Lord Livermore (Lab)]

The noble Lord is right to say that investment is absolutely crucial to our plans for the economy—which is why we are absolutely committed to removing the barriers to private sector investment—but he knows I cannot comment on speculation about any other specific taxes.