TechFlow News, June 3: According to a Reuters report, on June 3, the UK Parliament’s cross-party House of Lords Committee urged the Bank of England to soften its stablecoin regulatory plan. The committee recommended reconsidering the proposal to cap the amount of stablecoins that individuals and businesses may hold, and eliminating the requirement that issuers back stablecoins with interest-free deposits. The committee argued that the current plan is overly stringent and could hinder the development of the pound-pegged stablecoin market, calling on regulators to adopt a “principles-based, less prescriptive” approach.
The Bank of England stated that its final policy and draft rules for systemic stablecoins will be officially published in late June.
