B

Baroness Kramer (LD)

Speaking in the House of Lords on 16 October 2025

Debate

Stablecoin Ownership

Contribution

My Lords, let me join in paying tribute to the Lord Speaker. I do not know whether to congratulate him, or say it is with great regret that he is in a situation in which he needs to stand down. We have all appreciated his service so much. A great deal more will be said on future occasions. Stablecoin is not just an issue of digital payments and the efficiency of the pipeline, although you might think that from listening to the conversation. The move towards a global rollout of dollar and renminbi stablecoins has huge implications for monetary sovereignty. A sterling stablecoin has implications for the gilt markets and, hence, the public finances. Does the Minister begin to understand my concern that neither the Government nor the regulators have a grip on this and are considering the issues only narrowly—frankly, at a snail’s pace; I am astonished at the comments that he made just now—which means that we risk acting too late to protect our own national interest?

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