The Bank of England's proposal to cap stablecoin holdings for UK individuals and businesses has faced criticism from the House of Lords. Lord Ed Vaizey, co-chair of the UK Parliament’s Crypto and Digital Assets All Party Parliamentary Group, expressed concerns that the cap sends a 'terrible signal' to crypto businesses. The proposed limits—ranging from £10,000 to £20,000 for individuals and $10 million for businesses—are seen as potentially damaging to the UK's competitive edge in the crypto sector. Critics argue that these restrictions are burdensome and difficult to enforce, especially when compared to more lenient policies in the US and EU. Despite the backlash, the Bank of England defends the cap as necessary to safeguard the banking system from risks associated with stablecoins.
UK Lords Criticize Bank of England's Stablecoin Cap as 'Terrible Signal'
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