Finance10 September, 20262 min read
UK House of Lords Passes Mandatory Digital Asset Strategy Amendment Despite Labour Opposition
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House of Lords backs amendment demanding a formal UK digital asset strategy. Amendment passed 194–138, despite Labour government opposition.
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Lords force crypto strategy
The UK House of Lords backed an amendment requiring the government to develop a digital asset strategy, passing it in a 194–138 vote on Wednesday despite the Labour government’s opposition. The amendment, added to the Financial Services and Markets Bill during its Report Stage on Wednesday, was introduced by Conservative peer Baroness Neville-Rolfe and would require the Treasury to prepare, publish and consult on a strategy within 12 months of the bill becoming law.
The proposed strategy would cover cryptoassets, stablecoins and tokenized securities, while addressing issues including innovation, consumer protection and firms’ access to banking, payment and settlement services. The bill is progressing through Parliament and must still return to the House of Commons, where lawmakers can accept, amend or reject the Lords’ changes.
Labour vs Stockwood
During a July debate, Treasury’s Minister for Investment, Lord Stockwood, pushed back on calls for a statutory framework, saying the government believed it already had a digital asset strategy and was executing it. The ruling Labour party opposed the amendment because they believed it did not adequately address the rapid development of digital assets and the need for a cohesive regulatory framework.
The UK Cryptoasset Business Council welcomed the vote and highlighted Lord Chris Holmes’ question of whether the UK is “simply regulating digital assets” or “building a digital assets economy.” The amendment’s requirement for the Treasury to prepare, publish and consult on a strategy within 12 months is now the central point of contention as the bill continues through Parliament.
What the Commons decides
The House of Lords’ approval came through Amendment 88, which would require the Treasury to prepare, publish and consult on a digital asset strategy within 12 months after the Financial Services and Markets Bill becomes law. The strategy is described as covering cryptoassets, stablecoins and tokenized securities, while also addressing innovation, consumer protection and firms’ access to banking, payment and settlement services.
The bill now returns to the House of Commons, where lawmakers can accept, amend or reject the Lords’ changes, leaving the 12-month publication and consultation requirement dependent on the next vote. In parallel, the debate over whether the UK is “simply regulating digital assets” or “building a digital assets economy” remains tied to the question of whether the government approach should be confined to oversight or structured to enable market growth.