UK House of Lords backs mandatory digital asset strategy over Labour position
Summary
The UK House of Lords voted 194–138 to require the government to create a digital asset strategy, despite Labour opposition. The amendment to the Financial Services and Markets Bill would require the Treasury, within 12 months of the bill becoming law, to prepare, publish, and consult on a strategy covering cryptoassets, stablecoins, and tokenized securities. It would also address innovation, consumer protection, and firms’ access to banking, payments, and settlement services. The vote reflects ongoing debate over whether the UK should merely regulate digital assets or actively build a digital assets economy. The bill still must return to the House of Commons, which can accept, amend, or reject the Lords’ changes.
