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The House of Lords in the UK questioned Coinbase executives on the regulation of stablecoins

By: rootdata|2026/03/04 22:44:16
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According to Cointelegraph, the UK House of Lords questioned Coinbase's Vice President of International Policy, Tom Duff Gordon, on Wednesday, focusing on whether stablecoins could lead to a loss of bank deposits and pose new risks to the UK financial system.

Gordon stated that fully reserved and regulated stablecoins are "safer than uninsured bank deposits" because they are backed 1:1 by cash and high-quality government securities and can be redeemed at face value. He emphasized that stablecoins can significantly reduce payment costs and accelerate cross-border payments.

Members of the UK House of Lords questioned the redemption risks of stablecoins during a crisis, their potential impact on banks, and their role in criminal activities. Gordon countered that concerns about disintermediation from banks are "greatly exaggerated" and emphasized that Coinbase strictly enforces KYC and anti-money laundering measures.

Adam Jackson, Chief Strategy Officer of Innovate Finance, warned that the UK could establish a regulatory regime "stricter and less competitive than the EU's MiCA framework," causing the UK to fall behind the US and Europe in the competition for stablecoin innovation.

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