The collapse of the crypto market and the recent changes in the government didn't affect the Financial Services and Markets Bill. The document was introduced in the UK parliament on Wednesday and includes the regulation of stablecoins, as expected.
The bill extended the Banking Act of 2009 and Financial Services Act of 2013 to cover “digital settlement assets” and authorized the Treasury to regulate DSAs, payments made with DSAs, DSA service providers and DSA insolvency arrangements. Those regulations will be made in consultation with the Financial Conduct Authority , the Bank of England and other regulators as appropriate.
Bank of England deputy governor for financial stability Jon Cunliffe, who has a record of crypto cynicism, has repeatedly
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