Coinbase is increasing its lobbying efforts in the United Kingdom, expressing concerns that the country is falling behind in the digital asset market. This push is highlighted by a recent Financial Times op-ed written by George Osborne, the former UK Chancellor of the Exchequer and current advisor to Coinbase. Osborne's op-ed delivers a strong message: the UK risks losing its leading role in global financial services if it doesn't embrace innovation in the digital asset space, especially concerning stablecoins.

Osborne argues that the UK's historical strength in finance came from its ability to adopt new technologies. However, he criticizes the current government, and specifically Chancellor Rachel Reeves, for not taking decisive action on crypto policies, including those related to stablecoins. He suggests this inaction could hurt the UK's standing in global finance.

Stablecoins, which are digital representations of fiat currencies, have the potential to streamline transactions and cross-border payments. Osborne points out that while the British pound is among the top five most traded currencies worldwide, it doesn't have a significant presence in the growing stablecoin market. He contrasts this with the United States, where legislation like the GENIUS Act aims to strengthen the dollar's dominance in the digital asset sector. Without action, Osborne warns, the pound could be sidelined, further weakening the UK's global economic influence. He says that the UK is being "completely left behind" and that "it's time to catch up".

To further emphasize its message, Coinbase launched a satirical musical ad titled “Everything Is Fine,” which critiques the UK's economic issues, including the cost-of-living crisis. The ad positions cryptocurrency as an alternative to a traditional financial system that many feel is failing them. Coinbase has claimed that major UK TV networks banned the ad, although this hasn't been independently confirmed.

Coinbase has historically focused its lobbying efforts on the United States, spending millions of dollars on influence campaigns, particularly during the 2024 election year. According to OpenSecrets, Coinbase has spent more on lobbying than any other crypto company. The shift in focus to the UK signals a strategic move, especially with recent regulatory changes like the lifting of the ban on crypto exchange-traded notes for retail investors, which are opening new opportunities.