A petition. 85,000 signatures. And suddenly, parliament is paying attention.
Six months ago, Stand With Crypto UK launched a petition calling for a national stablecoin strategy. Few expected it to go anywhere notable. It closed with almost 85,000 signatures and ended up being debated in the corridors of Westminster. Now, with an army of over 285,000 advocates, the grassroots movement has done something the crypto industry has long struggled to pull off in Britain: forcing politicians to take digital assets seriously.
How a Petition Ended Up in the House of Lords
The clearest sign of Stand With Crypto UK’s impact was when the House of Lords Financial Services Regulation Committee took the unusual step of emailing all 60,000 signatories directly — inviting them to submit evidence to a formal inquiry into stablecoin regulation.
Lords committees don’t normally do that. The fact they did here signals a genuine shift.
“Stablecoins did not end up on the parliamentary agenda by accident,” said Adriana Ennab, Director of Stand With Crypto UK. “A House of Lords committee does not normally email 60,000 people on a financial services issue unless it recognises that something serious is happening out there.”
The inquiry, chaired by Baroness Noakes, has held seven oral evidence sessions since January. Its findings — expected later this year — could prove pivotal for Britain’s position in an increasingly competitive global stablecoin race.
The UK Is Falling Behind — Fast
That race, campaigners argue, is one Britain is already losing. The US signed the GENIUS Act into law last year, with more than 200 stablecoin projects announced stateside since. The EU’s MiCA regulation is fully operational, with around 20 euro-denominated stablecoin projects now live.
In the UK? Just four firms sit in the FCA’s stablecoin sandbox. The full UK regulatory framework isn’t expected until October 2027.
At the heart of the problem is the Bank of England’s proposal to cap individual stablecoin holdings at £20,000 and business holdings at £10 million. Tom Duff Gordon, Coinbase’s Vice President for International Policy, told the Lords inquiry that no other central bank has imposed comparable limits — a point that landed with some force given that 98% of global stablecoins are already dollar-denominated.
What the Caps Actually Mean for Business
For firms already using stablecoins day-to-day, the proposed caps aren’t theoretical. At a recent Stand With Crypto UK roundtable, one founder explained that his company uses stablecoins as core operational infrastructure to move funds instantly and interact with blockchain-based services. A £20,000 cap, he said, would be hit “almost immediately” — a limit that “simply doesn’t reflect how startups actually operate.”
The potential here is significant. Transactions that currently take days and cost tens of pounds can settle in seconds for pennies using stablecoins. The Bank of England’s Deputy Governor Sarah Breeden has said the Bank is “genuinely open to other ways of achieving” its financial stability goals — which campaigners read as an opening.
Stand With Crypto UK has delivered a letter to the Chancellor calling for the removal of holding caps, active support for sterling stablecoins, and an update to the Government’s Financial Inclusion Strategy to reflect digital assets.
Key Takeaways
Stand With Crypto UK has already done the hard part: getting politicians to engage. The House of Lords inquiry’s findings will be watched closely by an industry frustrated by years of regulatory drift. If Britain wants a share of the global stablecoin market — rather than watching dollars and euros dominate — the window to act is narrowing.
FAQ
What is Stand With Crypto UK?
Stand With Crypto UK is a grassroots advocacy organisation with over 285,000 supporters, campaigning for clearer and more supportive digital asset regulation in Britain. It launched a petition on stablecoin strategy that gained almost 85,000 signatures.
Why did the House of Lords get involved in stablecoin regulation?
The Financial Services Regulation Committee launched a formal inquiry into stablecoin regulation and, unusually, emailed 60,000 petition signatories directly to submit evidence. The inquiry is chaired by Baroness Noakes and has held seven oral evidence sessions since January.
What is the Bank of England’s proposed stablecoin cap?
The Bank of England has proposed limiting individual stablecoin holdings to £20,000 and business holdings to £10 million. Campaigners and industry figures argue these caps are unworkable and would damage UK competitiveness.
How does the UK compare to the US and EU on stablecoin regulation?
The US signed the GENIUS Act last year, and over 200 stablecoin projects have since launched. The EU’s MiCA is fully operational with around 20 live projects. The UK has only four firms in the FCA’s stablecoin sandbox, with full regulation not expected until October 2027.
What does Stand With Crypto UK want the government to do?
The campaign has called on the Chancellor to remove stablecoin holding caps, actively support sterling stablecoin development, and update the Government’s Financial Inclusion Strategy to reflect the role of digital assets.
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Effective Date: 15th July 2025
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