Overview
- Circle policy chief Dante Disparte told the House of Lords on March 18 that the UK should blend MiCA’s clarity with the US GENIUS Act’s governance to create a distinctly British regime.
- Disparte proposed core safeguards for issuers: 1:1 reserve backing, high‑quality liquid assets, enforceable redemption rights, and strict transparency requirements.
- He warned that unclear UK rules could push stablecoin activity offshore, heighten risks for local users, and weaken London’s role as a fintech hub.
- Mastercard executive Jesse McWaters said stablecoins do not yet show a clear advantage for domestic payments but highlighted blockchain’s benefits for faster cross‑border transfers.
- The FCA has consulted on a broader crypto framework requiring authorization by October 25, 2027, and the EU’s MiCA (effective December 30, 2024) and the US GENIUS Act (enacted July 18, 2025) were cited as reference models.