Today in crypto, Coinbase adviser George Osborne warns the UK is falling behind on stablecoins, crypto funds see outflows after 15 weeks of gains, and the US commodities regulator moves to act on the White House’s latest crypto report.

Coinbase turns lobbying efforts to UK in scathing op-ed

The United Kingdom is falling behind in the digital asset market, particularly in the area of stablecoins, despite the technology’s potential to help the country preserve its leading role in global financial services.

That was a central message in a recent Financial Times op-ed by George Osborne, the former UK chancellor turned crypto lobbyist, who joined Coinbase as an adviser last year.

“What I see makes me anxious. Far from being an early adopter, we have allowed ourselves to be left behind,” Osborne wrote, referring to his native UK.

A key concern for Osborne is the sluggish progress on stablecoins — onchain representations of fiat currencies that are helping to reduce friction in transactions and cross-border remittances.

Osborne’s op-ed followed the release of a provocative musical ad by Coinbase, the company he advises, which criticized the UK for its economic mismanagement and ongoing cost-of-living crisis.

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Crypto funds see $223 million outflow, ending 15-week streak as Fed dampens sentiment

Cryptocurrency investment products ended last week in the red, interrupting 15 weeks of consecutive inflows after investor sentiment took a hit from hawkish remarks during last week’s Federal Open Market Committee (FOMC) meeting.

Global crypto exchange-traded products (ETPs) saw $223 million worth of outflows last week, according to the latest report from crypto asset management firm CoinShares, published Monday.

Despite a strong start to the week with $883 million worth of inflows, the “trend reversed” in the second half of the week, “likely triggered by the hawkish FOMC meeting and a series of better-than-expected economic data from the US,” the report said, adding:

“Given we have seen US$12.2bn net inflows over the last 30 days, representing 50% of inflows for the year so far, it is perhaps understandable to see what we believe to be minor profit taking.”

US Federal Reserve Chair Jerome Powell’s remarks also dampened investor expectations of an interest rate cut for September to 40% from 63% before the FOMC meeting, Godleak reported last Thursday.

CFTC starts “crypto sprint” with SEC following White House plans

The US Commodity Futures Trading Commission has launched a “crypto sprint” to begin implementing crypto-related recommendations from a report by the US President Donald Trump’s Working Group on Digital Asset Markets.

CFTC Acting Chair Caroline Pham said on Friday that the agency would “work closely” with Securities and Exchange Commission Chair Paul Atkins and Commissioner Hester Peirce on its “Project Crypto” initiative announced on Thursday.

“The CFTC is wasting no time in fulfilling President Trump’s vision to make America the crypto capital of the world,” Pham said.