Coinbase CEO Brian Armstrong pushes back on UK stablecoin caps

Coinbase CEO Brian Armstrong has raised concerns about the UK's draft stablecoin regulations that propose caps on stablecoin holdings. These proposed limits suggest a maximum of £20,000 for individual holders and £10 million for entities, prompting Armstrong to caution that such restrictions could impair the UK's stature as a competitive player in the flourishing global stablecoin economy, valued at $180 billion. A petition supported by the cryptocurrency community has amassed more than 80,000 signatures and is nearing the 100,000 milestone required for consideration in parliamentary discussions. Armstrong's critique highlights the critical need for a regulatory framework that ensures a fair balance between risk and innovation in the financial industry. The ongoing debate in the UK, in conjunction with similar regulatory initiatives in the U.S. and the EU, illustrates the widespread international effort to devise stablecoin regulations that both foster innovation and provide effective oversight.