Former UK Chancellor criticizes the government's overly cautious attitude towards Crypto Assets.

On August 4, according to reports, former UK Chancellor George Osborne launched a fierce attack on the Labour government's approach to Crypto Assets, warning that the UK may miss out on a financial reform similar to "the major financial reforms of the 1980s," thereby falling behind the trend.

Osborne is now a member of the global advisory board of a trading platform. He said that Chancellor of the Exchequer Reeves and Bank of England Governor Bailey are putting the UK in the slow lane. Osborne stated: "Rachel Reeves is right, we have all become too risk-averse. The reason we are the world's financial center is that we are not afraid of change. In crypto assets and stablecoins, just like in many other areas, a brutal fact is that we are completely left behind. It's time to catch up."

Osborne stated that blaming regulators for being overly cautious is a "groundless excuse" and that Reeves should follow the example of the U.S. Congress by legally establishing a framework for Crypto Assets. He warned that places like the U.S., EU, Singapore, and Abu Dhabi are all getting ahead of the UK.