Today in Crypto: UK Faces Stablecoin Lag, Crypto Funds See Outflows, US Regulators Accelerate Action
June 2024 — Several notable developments unfolded in the cryptocurrency landscape today, highlighting regulatory movements, investor behavior, and industry commentary. Key crypto events include a warning from Coinbase adviser George Osborne about the UK falling behind in stablecoin adoption, a temporary reversal in crypto investment fund inflows following Federal Reserve cues, and accelerated regulatory efforts by US authorities in response to White House directives.
UK’s Stablecoin Progress Lags Behind — Coinbase Adviser Sounds Alarm
George Osborne, former UK Chancellor and now an adviser to Coinbase, expressed sharp concern about the United Kingdom’s slowness in embracing stablecoins — digital assets pegged to traditional fiat currencies — which are widely recognized for enabling smoother transactions and cross-border payments. In a pointed op-ed published by the Financial Times, Osborne criticized the UK government for its stagnation, stating that the nation risks losing its competitive edge in the global digital asset market.
“Far from being an early adopter, we have allowed ourselves to be left behind,” Osborne wrote, emphasizing the urgency for stronger regulatory frameworks and policy support.
The op-ed aligned with Coinbase’s recent provocative marketing campaign, which spotlighted the UK’s economic challenges and criticized the government’s handling of the cost-of-living crisis. Osborne’s vocal advocacy signals Coinbase’s pivot toward greater lobbying efforts in the UK amid a backdrop of intensifying global crypto competition.
Crypto Funds Record $223 Million Outflow, Ending 15 Weeks of Gains
After a prolonged rally with sustained inflows, global cryptocurrency investment products experienced a pullback last week. According to data from asset manager CoinShares, crypto exchange-traded products (ETPs) recorded an outflow of approximately $223 million, interrupting a 15-week streak of net positive capital inflows.
The downturn coincided with September’s Federal Open Market Committee (FOMC) meeting and subsequent hawkish commentary from Federal Reserve Chair Jerome Powell. While the week started strong with $883 million inflows, investor sentiment cooled as better-than-expected US economic data bolstered expectations that interest rate cuts in September were less likely. Powell’s remarks reduced the chance of a rate cut from 63% to 40%, prompting profit-taking among investors.
Despite the outflows, CoinShares noted that the broader trend remains positive, with $12.2 billion in net inflows over the past 30 days accounting for half of the year’s gains so far.
US CFTC Launches “Crypto Sprint” in Coordination with SEC
In a proactive regulatory move, the US Commodity Futures Trading Commission (CFTC) announced the launch of a “crypto sprint” aimed at rapidly implementing the recommendations from the White House’s latest report on digital assets. Acting CFTC Chair Caroline Pham revealed that the agency is collaborating closely with Securities and Exchange Commission (SEC) Chair Paul Atkins and Commissioner Hester Peirce to drive the initiative known as “Project Crypto.”
Pham stated on Friday, “The CFTC is wasting no time in fulfilling President Trump’s vision to make America the crypto capital of the world.” The initiative reflects growing governmental focus on establishing clear regulatory frameworks, encouraging innovation, and protecting investors in the fast-evolving crypto industry.
Looking Ahead
Today’s developments underscore critical themes in the crypto space: the ongoing tug-of-war between innovation and regulatory clarity, the impact of macroeconomic policies on investor sentiment, and regional competition to become leaders in the digital asset economy. Market participants will continue to watch how governments, particularly in the UK and US, shape crypto regulations in the months ahead.
Reported by Cointelegraph, summarized and analyzed by TradingView News
Data and market insights provided by ICE Data Services and FactSet Research Systems Inc.
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