UK Lords Force Government to Draft National Digital Assets Strategy

digital assets strategy — The UK government was defeated in the House of Lords on Wednesday, forcing it to draft a national strategy for regulating digital assets.

Peers approved an amendment to the Financial Services and Markets Bill by 194 votes to 138. The measure, moved by Conservative Baroness Neville-Rolfe, requires the Treasury to prepare, publish, and consult on a comprehensive strategy covering cryptoassets, stablecoins, CBDCs, and tokenised securities.

The UK is currently drafting a new crypto bill, with its Financial Conduct Authority regime set to take effect in October 2027. The amendment highlights a push to accelerate regulatory development as the country trails the EU’s MiCA framework and U.S. progress under the GENIUS Act.

Broader U.S. market-structure legislation, the Clarity Act, remains stalled in the Senate, with a procedural vote scheduled for next week.