Coinbase Shifts Lobbying Focus to the UK as Former Chancellor Criticizes Lagging Behind

Although digital asset technology helps maintain the leading position in global financial services, the UK lags in the development of stablecoins.

This is the key point from a column article by former UK Chancellor George Osborne in the Financial Times. Osborne joined Coinbase as an advisor last year.

Osborne stated, 'We have allowed ourselves to fall behind instead of becoming early adopters, which worries me greatly.'

Osborne is particularly concerned about the slow progress of stablecoins. These on-chain representations based on fiat currencies reduce friction in transactions and cross-border remittances.

He pointed out that London's status as a global financial center comes from an attitude of embracing innovation, but this attitude has largely disappeared now.

'In areas like cryptocurrencies and stablecoins, we have been completely left behind. It’s time to catch up,' wrote Osborne.

Osborne warned that the UK government's inaction ensures that the pound can’t even play a supporting role, while the US solidifies the dollar's role as the global reserve currency through legislation like the GENIUS Act.

Coinbase's satirical advertisement sparked controversy.

After Osborne's column was published, Coinbase released a satirical musical advertisement (Everything is Fine) criticizing the mismanagement of the UK economy and the cost of living crisis, which sparked controversy.

Coinbase wrote in the YouTube description of the advertisement: 'If everything is fine, then nothing needs to change. But when the financial system does not work for many people in the UK, it needs to be updated.'

Coinbase CEO Brian Armstrong claimed last week that the advertisement was banned by major UK television networks, but CNBC said it could not independently verify this claim.

Coinbase has been actively lobbying in the US for years, especially investing millions in 2024 to influence key election year.

Its latest advertising campaign and Osborne's column indicate that the company is shifting its focus back to the UK market it first entered in 2015.