White House · U.S. Treasury · Cointelegraph
UK House of Lords backs mandatory digital asset strategy over Labour position
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The amendment would require the UK Treasury to develop a strategy covering cryptoassets, stablecoins, tokenized securities and digital financial infrastructure.
Key facts
- Amendment 88, introduced by Conservative peer Baroness Neville-Rolfe, would require the Treasury to prepare, publish and consult on a digital asset strategy within 12 months of the Financial Services
- The UK House of Lords backed an amendment requiring the government to develop a digital asset strategy, in a 194–138 vote on Wednesday, despite the Labour government’s opposition to the measure
- The amendment was added to the Financial Services and Markets Bill during its Report Stage on Wednesday
- The UK Cryptoasset Business Council, which said it worked with lawmakers on the amendment, welcomed the vote on Thursday, highlighting Lord Chris Holmes’ question of whether the UK is “simply regulating digital assets” or “building a digital assets economy
Summary
The UK House of Lords backed an amendment requiring the government to develop a digital asset strategy, in a 194–138 vote on Wednesday, despite the Labour government’s opposition to the measure. The amendment was added to the Financial Services and Markets Bill during its Report Stage on Wednesday. Amendment 88, introduced by Conservative peer Baroness Neville-Rolfe, would require the Treasury to prepare, publish and consult on a digital asset strategy within 12 months of the Financial Services and Markets Bill becoming law. The strategy would cover cryptoassets, stablecoins and tokenized securities, while addressing issues including innovation, consumer protection and firms’ access to banking, payment and settlement services.