Coinbase pushes UK government petition to support blockchain and stablecoin innovation

A public petition calling on the United Kingdom to create a pro-innovation strategy for blockchain and stablecoins has gained significant momentum, partly thanks to a push from crypto exchange Coinbase. The petition, which was launched in July, aims to prompt the government to develop a comprehensive framework to support stablecoin regulation, blockchain adoption, and the appointment of a dedicated blockchain czar.

Although the petition was launched earlier this summer, it gained notable attention this week after Coinbase sent push notifications to its users, encouraging them to sign. Screenshots of the in-app messages shared on social media featured phrases like “help UK lead stablecoin innovation now”, further rallying Coinbase’s user base to back the initiative.

Momentum builds toward a government response

At the time of writing, the petition has already garnered over 5,000 signatures, bringing it halfway to the 10,000-signature threshold that requires an official response from the UK government. If the petition reaches 100,000 signatures, it will be considered for a parliamentary debate. The petition will remain open for signatures until March 3, 2026, giving it ample time to continue gathering support.

Key demands for UK blockchain strategy

The petition presents three main demands:

1. Creating a regulatory framework for stablecoins and tokenization.
2. Encouraging blockchain adoption within the UK government.
3. Appointing a blockchain czar, a dedicated leader responsible for crypto policy.

The petition’s supporters argue that stablecoins are the foundation of a tokenized economy, pointing to the United States’ preference for stablecoins over central bank digital currencies (CBDCs). They warn that the UK risks falling behind other jurisdictions unless it adopts a clear, forward-thinking strategy. The petition asserts that establishing a robust digital asset framework is crucial for preserving the City of London’s competitiveness and maintaining sterling’s global standing.

Coinbase’s active role in UK crypto policy

Coinbase has long been vocal about the need for clearer digital asset regulations in the UK. In July, the exchange released a satirical video titled “Everything is Fine”, which critiqued the UK’s financial system. The video juxtaposed claims of strong financial health with depictions of inflation, poverty, and financial struggles, highlighting the challenges faced by the country’s economy.

In August, George Osborne, former UK Chancellor and current Coinbase adviser, penned an op-ed in the Financial Times, arguing that the UK is falling behind in the digital asset race. He specifically highlighted stablecoins as an area where the UK had failed to stay competitive, echoing concerns raised in the petition.