According to a report from Jinshi Data on August 4, former UK Chancellor George Osborne launched a fierce attack on the Labour government's approach to cryptocurrency, warning that the UK could miss out on a financial reform similar to the 'big financial reform of the 1980s' and fall behind the trend. Osborne, who is now a member of the Global Advisory Council of the US cryptocurrency exchange Coinbase, stated that Chancellor Reeves and Bank of England Governor Bailey are putting the UK in the slow lane. He said, 'Rachel Reeves is right; we have become too risk-averse. The reason we became a global financial center is that we are not afraid of change.' 'In cryptocurrency and stablecoins, as in many other areas, a brutal fact is: we have been completely left behind. It’s time to catch up.' Osborne indicated that blaming regulators for being overly cautious is a 'flimsy excuse,' and Reeves should follow the example of the US Congress by legally establishing a cryptocurrency framework. He warned that places like the US, EU, Singapore, and Abu Dhabi are racing ahead of the UK.