UK House of Lords launches stablecoin inquiry as regulatory push gathers pace

The UK House of Lords has launched an inquiry into stablecoin regulation.

The House of Lords Financial Services Regulation Committee said on the 29th (local time) that it will conduct an inquiry into the growth of stablecoins in the UK and potential regulatory approaches.

The House of Lords plans to examine the global state of stablecoin development and the outlook for a pound sterling-based stablecoin industry. The scope also includes the impact stablecoins could have on the UK economy, financial services, and the Bank of England (BoE).

Sheila Noakes, a member of the House of Lords and chair of the Financial Services Regulation Committee, said the inquiry aims to assess the opportunities and risks that stablecoins may bring to UK financial services and the economy, and to review whether the regulatory framework proposed by the Bank of England and the Financial Conduct Authority (FCA) can provide an appropriate response to such developments.