Response from HM Treasury to the Committee’s 1st Report of Session 2026–27, "Stablecoins: waiting for regulation"

This is the government's response, published 9 September 2026.

Summary written by Accountability Index from the government's response. It is not the government's own words.

The government welcomes the Committee's report and agrees with its emphasis on proportionate regulation, but does not agree that the UK is falling behind international competitors on stablecoin.

• On competitiveness, the government "takes this assessment seriously" but does "not agree with it", saying the UK "compares favourably with a number of jurisdictions" and that it is "not" complacent.
• It agrees on the importance of regulation being proportionate and keeping pace with the market. It states the FCA authorisation gateway is expected to open in September 2026, with the regime coming fully into force in October 2027.
• On systemic thresholds, the Treasury does "not consider universal thresholds for systemic recognition to be appropriate at this time" and will assess each case individually.
• On a competitiveness and growth objective for the Bank, it "recognises the underlying concern" but considers such an objective "could risk diluting" the Bank's financial stability focus. It "will further consider" a secondary innovation objective.

Read the government's response ↗ Report an error