BlockBeats news, on August 4, reported by the Financial Times, former UK Chancellor George Osborne launched a fierce attack on the Labour government's treatment of cryptocurrencies, warning that the UK could miss a financial reform similar to the 'financial revolution of the 1980s' and fall behind the trend.
Osborne, who is now a member of Coinbase's Global Advisory Council, said that Chancellor Reeves and Bank of England Governor Bailey are putting the UK in the slow lane. Osborne stated, 'Rachel Reeves is right, we have all become too averse to risk. The reason we became the world's financial center is that we are not afraid of change. In cryptocurrencies and stablecoins, as in many other areas, a harsh reality is that we have been completely left behind. It is time to catch up.'
Osborne indicated that blaming regulators for being overly cautious is a 'flimsy excuse', and Reeves should emulate the US Congress by legally establishing a crypto framework. He warned that places like the US, EU, Singapore, and Abu Dhabi are racing ahead of the UK.