UK House of Lords backs digital assets strategy on September 11

The UK House of Lords voted 194 to 138 on September 11 to approve an amendment requiring the Treasury to develop a mandatory national strategy for regulating digital assets. Conservative and Liberal Democrat peers backed the amendment against near-solid Labour opposition. Baroness Neville-Rolfe, a Conservative former Treasury minister, moved the amendment to the Financial Services and Markets Bill. The new clause, titled "Digital assets strategy," would require the Treasury to prepare, publish and consult on a strategy covering "cryptoassets, qualifying stablecoins, Central Bank Digital Currencies, tokenised securities and other digital and tokenised financial assets." The strategy must address both the regulation and development of digital assets and related digital financial market infrastructure in the United Kingdom. The amendment arrives as the UK's Financial Conduct Authority has finalized its own regulatory framework for cryptoassets, with the regime set to take effect on October 25, 2027. The EU's Markets in Crypto-Assets regulation has applied to service providers since December 30, 2024. The U.S. signed the GENIUS Act into law in July 2025, establishing a federal framework for dollar-backed tokens, and the Clarity Act cleared the House in July 2025 by 294-134 but remains stuck in the Senate over DeFi, stablecoin yield and ethics provisions. The amendment requires only consultation and preparation of a strategy, not immediate implementation; the Treasury retains discretion over what the final strategy will contain. The Lords vote margin reflects divided opinion in the chamber, and the amendment must still pass through the House of Commons before becoming law. The UK's existing FCA framework does not take effect until October 25, 2027, leaving a period during which crypto firms operate under interim rules; a mandatory Treasury strategy adds no immediate certainty for market participants operating during that interval.