Coinbase Pushes UK to Embrace Stablecoins Amid Global Shift

Coinbase is stepping up its influence in the United Kingdom, leveraging high-profile endorsements and provocative messaging to push for greater regulatory acceptance of digital assets. The company’s strategy includes a recent opinion piece by George Osborne, a former UK Chancellor who now serves as an adviser to the crypto exchange. Osborne’s Financial Times op-ed warns that the UK is falling behind in the fast-evolving stablecoin sector, a development he says could threaten London’s long-standing dominance in global finance [1]. He argues that the UK’s reluctance to innovate in digital currency has already placed it at a disadvantage compared to the United States, where legislation like the GENIUS Act is reinforcing the dollar’s position as the leading global reserve currency [1].

A key issue for Osborne is the British pound’s absence from the growing stablecoin ecosystem. Despite being one of the most traded currencies globally, the pound is not playing a significant role in stablecoins, which are increasingly being used to reduce friction in cross-border transactions and remittances [1]. This, Osborne warns, risks locking the UK out of a sector that could help modernize its financial infrastructure.

The op-ed was released alongside a controversial musical advertisement by Coinbase titled “Everything Is Fine,” which satirizes the UK’s economic struggles and the cost-of-living crisis. The ad, which features a bleak portrayal of the country’s financial system, appears to position cryptocurrency as an alternative to traditional finance. The ad was accompanied by a YouTube caption stating that “if the system isn’t working for many people, it needs to be updated” [1]. Coinbase CEO Brian Armstrong claimed the ad was banned from major UK television networks, though this was not independently verified by CNBC [1].

Coinbase’s efforts in the UK reflect a broader strategy of expanding its influence beyond the United States, where it has long been a dominant player in crypto lobbying. The company has spent more on lobbying than any other crypto firm, according to Politico, and ramped up its spending significantly in 2024 [1]. Now, with Osborne’s high-profile advocacy and the recent ad campaign, Coinbase is clearly targeting the UK market, which it entered in 2015. The firm’s message is clear: regulatory inaction in the UK is costing the country its competitive edge in global financial services [1].

Source: [1] Coinbase turns lobbying efforts to UK in scathing op-ed – Cointelegraph (https://cointelegraph.com/news/coinbase-lobbying-uk-op-ed-george-osborne?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound)