At a House of Lords hearing, witnesses cast doubt on stablecoins as mainstream money, backing strict Bank of England oversight and criticizing the "disastrous" US GENIUS Act for letting non‑banks into “the money business.”
The United Kingdom’s House of Lords heard critical views on stablecoins Wednesday, with witnesses claiming that tokens were mainly “on- and off-ramps into crypto,” rather than the future of money.
The House of Lords held a public session as part of its new inquiry into how stablecoins should be regulated in the country, gathering evidence on their role in payments, banking and financial stability.
The Financial Services Regulation Committee (FSRC) grilled witnesses on stablecoins’ competition with banks, cross‑border use, illicit finance risks and their treatment under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
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