Coinbase CEO Warns Against UK Stablecoin Caps

Coinbase CEO Brian Armstrong has spoken out against proposed stablecoin rules in the UK, arguing that they could stifle innovation and undermine the country's position as a global financial hub.

The draft measures, which are currently being finalized by the Bank of England, include caps on individual holdings of £20,000 and business holdings of £10 million. These limits have sparked concerns that the UK may fall behind in the rapidly growing stablecoin market, which is valued at over $180 billion globally.

Armstrong's comments come as a petition organized by Stand With Crypto UK has gathered momentum, with over 80,000 signatures calling for the UK government to reconsider its approach to stablecoin regulation. If the petition reaches 100,000 signatures, it may be debated in Parliament.