The House of Lords approved Amendment 88 by a 194-138 margin during the Financial Services and Markets Bill's Report Stage. Tabled by Conservative peer Baroness Neville-Rolfe, it requires the Treasury to develop, publish, and consult on a national strategy for cryptoassets, stablecoins, tokenized securities, and related infrastructure within 12 months of royal assent.
The plan focuses on fostering innovation, protecting consumers, and ensuring banking access for digital asset firms, amid concerns over lagging behind the EU's MiCA and U.S. CLARITY Act. The bill now moves to the House of Commons, where its fate remains uncertain despite government objections.