Speeches by Glen.

“In the last panel, contrary to what you said, Mr Youel, we saw a clear use case for wholesale investment in funds based on the record of returns. If you create a regulatory environment that chills that significantly, will you not damage the outcomes for pensions and other pooled investments that are available?”

“It is to the Americans, probably.”

“A secure environment on their servers and the cloud.”

“That is helpful.”

“I am a bit unclear. This is complicated stuff, but you seem to be saying that, on one level, the guardrails that the FCA is putting in place outweigh the advantages that you see in the US with the GENIUS Act and the consequences of that. What does the UK need to do to replicate the positive steps made by the GENIUS Act…”

“Sasha Mills at the Bank of England says that limiting the number of stablecoins in the UK for individuals and businesses is going to be something that needs to be looked at, because it could allow rapid outflows of deposits. It is not a gotcha moment, but I am trying to understand whether that is broadly a legitimate c…”

“Mr Taylor or Mr Butterfill, is there anything you would like to say about the FCA’s handling of the regulation of your industry and whether it is good or bad for the UK?”

“Do you think that it will resolve it in the right way in the end probably?”

“There is no criticism of the FCA’s approach to this area of regulation.”

“We always have this problem with this area when we have people before the Committee, where they want to say, “The FCA has done this well. It has done this well. It is moving slightly along on this”. What is the problem? Then I have private meetings with some of your members, and they say to me, “We are missing an oppor…”

“I was supposed to come in later, but I might as well do my questions now, and the Chair has agreed with me. Can we get to the heart of what is going wrong or right in the UK with respect to regulation? You have set out there some of the incremental things that have gone on over the last three or four years. There is a …”

“I am a bit frustrated. Please can you tell us what it is that you need to happen, and how quickly you need it to happen, so that the UK is not missing an opportunity with crypto?”

“In terms of a hierarchy of investment, you would typically, if you have very limited resources, invest in something where you are going to have a higher propensity, less volatility and less loss risk before you have started going to something that is inherently—you would have to admit—more volatile.”

“I am not disputing the desirability. There are questions we will come on to about how you regulate and enable the use of investment in this class of assets within a portfolio. I am saying that you are always reluctant, it seems to me, to make a distinction between the individual retail, unguarded, un-guardrailed consum…”

“That is what is happening now, is it not?”

“This conversation has demonstrated that there is a range of understanding in the marketplace about the different instruments or means of exchange that exist. There are good reasons why people are, in a sense, rationed by the regulatory framework that exists. We might lament the lack of investment by young people and th…”

“Two weeks ago, the Chancellor held a press conference from which everyone inferred that income tax was going to go up. On Friday, every newspaper said that income tax was not going to go up. It is plainly obvious to the general public and anyone who reads any of the papers that everything is being briefed from the Trea…”

“May I thank the Leader of the House for what he said about reforms to the driving test booking system? I add to what my hon. Friend the Member for Mid Buckinghamshire (Greg Smith) said about DEFRA questions. I wanted to raise the case of Susan Robinson and Maria La Femina, who asked me about sludge use in agriculture a…”

“Finally, there are differences across the United Kingdom, and I am sure you will have considered this. What would be your solution to make this transparently plain and understandable when people live on the borders of Wales and England, for example?”

“I think you are conceding that your proposal does not offer us a solution to that problem of people who are not—”