Coinbase, the cryptocurrency exchange led by CEO Brian Armstrong, has intensified its efforts to influence cryptocurrency regulation in the United Kingdom as a petition advocating for a more favorable blockchain and stablecoin policy continues to gain traction. The petition, launched in July on the UK Parliament’s official site, has recently surpassed 5,000 signatures, boosted primarily by in-app notifications sent to Coinbase’s UK users, urging them to support the initiative.
The petition is demanding three key actions: the establishment of a regulatory framework for stablecoins and tokenization, government-led adoption of blockchain technology, and the appointment of a national blockchain lead or “czar.” While initial interest in the petition was modest, Coinbase’s push has significantly accelerated the momentum. Should the petition reach 10,000 signatures, the UK government is obligated to provide a formal response. If it attains 100,000 signatures, it will trigger a parliamentary debate. The petition remains open until March 3, 2026.
Observers note that the UK government has struggled with its stance on digital assets, often swinging between supporting innovation and taking a cautious regulatory approach—especially in the wake of the collapse of prominent crypto exchange FTX. Proponents of the petition argue that the future of the UK’s financial competitiveness is at stake. They emphasize that adopting a clear regulatory framework is crucial to maintaining the UK’s financial status against innovative hubs like Singapore, Hong Kong, and Abu Dhabi.
In prior statements, Coinbase has openly criticized the UK’s reluctance to embrace cryptocurrencies. In July, the exchange released a satirical video underscoring the challenges facing the UK’s financial system. Former UK Chancellor George Osborne, who now advises Coinbase, has expressed concern that the country is falling behind in crypto adoption, particularly in the area of stablecoins, which he identifies as a critical next step. The US has already begun to establish regulated pathways for such assets while the UK struggles to provide similar clarity.
The Bank of England has expressed skepticism regarding stablecoins. Governor Andrew Bailey has indicated that any stablecoin must demonstrate that it meets the “singleness of money” test, highlighting the need for one-to-one exchangeability with existing currencies before it can gain widespread acceptance. Although Chancellor Rachel Reeves has pledged to advance stablecoin regulation, details have been sparse, leaving industry experts feeling that the Treasury is delaying necessary action.
Coinbase’s recent strategy of leveraging its user base for political advocacy marks a shift in its approach, moving from traditional lobbying and policy papers to a direct call to action through its app. This mobilization could increase political pressure on the UK government to address calls for clearer digital asset regulations. Observers note that as the petition progresses, it may become a significant indicator of the willingness of UK crypto users to actively lobby for change, potentially creating a robust political faction.
As the UK government navigates the complexities of a post-Brexit economy, it faces the pressing dilemma of whether it can afford to disregard the growing demand for a cohesive digital asset strategy. With Coinbase’s intervention, the petition is likely to attract significant attention from both the industry and policymakers in the upcoming months.
