CoinWorld news, 30 cryptocurrency industry professionals from institutions such as Coinbase, Kraken, and Copper have called on the UK Chancellor of the Exchequer Rachel Reeves in an open letter to the government to formulate a national stablecoin strategy to avoid falling behind the United States in this area. The industry criticizes the UK regulation for defining stablecoins as "cryptographic assets tied to fiat currency", which focuses too much on form and neglects their function as financial infrastructure.