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Armstrong warns UK limits
Coinbase CEO Brian Armstrong warned that proposed UK restrictions on stablecoins could “compromise” the country’s competitiveness as a global financial center, saying on X that “L'orientation actuelle des regles fait l'inverse et constituera un frein a l'innovation.”
“The United States Department of the Treasury and the United Kingdom’s HM Treasury have released a joint 10-point roadmap designed to coordinate regulatory oversight of tokenized assets, stablecoins, and digital financial markets”
Armstrong criticized Bank of England measures that would limit stablecoin use and impose reserve requirements on issuers, with the proposals capping individual holdings at $26,350 (£20,000) and company holdings at $12.7 million (£10 million).
The same TradingView report tied the UK debate to US regulatory fights, noting that stablecoins have become a key revenue driver for Coinbase, with the company declaring $1.35 billion in stablecoin-linked revenue in 2025 versus $911 million the year before.
It also reported that in the fourth quarter stablecoins generated $364 million in revenue during a period when Coinbase recorded a net loss of $667 million on $1.78 billion in total revenue.
In the background of the UK-US policy push, the report said Bloomberg Intelligence estimates revenue could rise by two to seven times with the GENIUS Act, which would create a federal framework for stablecoins and allow firms to offer yields on deposits.
Trump, banks clash on CLARITY
President Donald Trump strengthened support for a new UK-US stablecoin framework as the Senate races to advance the CLARITY Act, even as banking groups oppose the bill’s stablecoin provisions.
A Crypto News report said the UK and US endorsed common stablecoin standards for cross-border finance and customer protection through a joint statement released via the Transatlantic Taskforce for Markets of the Future, describing stablecoins as “an important vehicle for innovation in digital money.”
That same report said banking groups warned that unclear stablecoin rules could accelerate deposit outflows from smaller banks, and it described their argument that provisions remain too unclear and could encourage consumers and businesses to move money from traditional bank accounts into stablecoins.
The article also said Trump continued pushing the Senate to pass the CLARITY Act before the August recess, linking the push to his goal of making the United States the “crypto capital of the world.”
Separately, TradingView reported that Armstrong withdrew support for the CLARITY Act shortly before a Senate Banking Committee review, calling the draft “materially worse than the current status quo” and saying he “prefere l'absence de loi a une mauvaise loi.”
Treasury roadmap sets 1:1
The US Department of the Treasury and the UK’s HM Treasury released joint recommendations under the Transatlantic Taskforce for the Markets of the Future, aiming to coordinate oversight of stablecoins and tokenized finance without creating unnecessary market distortions.
“UK and US Agree on Stablecoin Rules for Cross-Border Finance Ahead of CLARITY Act Highlights - UK and US agreed on stablecoin rules covering reserves, redemption, cross-border access, and market safeguards”
KuCoin reported that the two governments called for stablecoins to be “fully backed—at least on a one-to-one basis—by high-quality, liquid assets,” and it said the framework also points toward cross-border testing for tokenized assets.
The same KuCoin account said the statement urges authorities to consider a private-sector-led group focused on “testing of cross-border use cases for tokenized assets,” while also calling for closer coordination between US regulators and the Bank of England on shared approaches to tokenized-asset rules.
CoinDesk described the roadmap as a 10-point plan published by the US Treasury and UK Treasury that does not introduce new rules, but instead identifies areas where regulators including the SEC, CFTC, FCA, and the Bank of England plan to collaborate more closely.
Cointelegraph added that the US-UK statement frames stablecoins as part of a “dynamic stablecoin market across borders,” and it said the joint guidance aligns with the US law’s approach that stablecoins “should be fully backed, on at least a one-to-one basis, by high-quality, liquid assets.”
