Stablecoin Ownership

Debate between Lord Livingston of Parkhead and Lord Livermore

Thursday 16th October 2025 Lords Chamber

[Lord Livermore (Lab)]

There is definitely something worth considering in that. I have learnt a lot in preparation for this Question. I know very little about the subject, but much more than I did when I started. The noble Baroness raises an important question, in terms not only of financial education—obviously we should look at what she proposes—but of keeping consumers safe. The FCA financial promotion rules require promotions to be clear, fair and not misleading, with risk warnings displayed prominently, especially for high-risk investments. Firms must ensure promotions accurately reflect benefits and risks and consider the target audience, to help consumers make well-informed decisions. The FCA has also been cracking down on unlawful financial promotions by influencers as part of the regulatory regime being developed. The Treasury is working closely with the FCA to set conduct standards for firms.

[Lord Livingston of Parkhead (Non-Afl)]

My Lords, first, I thank the Lord Speaker for all his service—a good fellow Scotsman and football fan. I also ask the House to note my interest as chairman of S&P Global. Does the Minister agree that stablecoin is like most other financial instruments: it depends on what is backing it and what is behind it? The important thing is not pace but the right regulation that creates the right environment for the UK to succeed and that ensures that people are protected by making sure that the assets that back stablecoin are there, available, and understood by consumers and businesses that use it.