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Circle’s policy chief Dante Disparte told a UK House of Lords committee that the country has an opportunity to shape its crypto regulatory regime by combining the European Union’s Markets in Crypto-Assets Regulation (MiCA) with elements of the United States’ new stablecoin framework.
Speaking during a Wednesday meeting of the House of Lords Financial Services Regulation Committee, Disparte said the approach should “take the best of both” and be adapted to the UK. He argued that the absence of a clear regulatory framework would keep stablecoin activity offshore, exposing UK users to greater risk and undermining London’s position as a global hub for financial innovation.
The meeting formed part of the House of Lords’ inquiry into growth and proposed regulation of stablecoins in the UK. Disparte and Jesse McWaters of Mastercard were scheduled as witnesses.
The UK’s Financial Conduct Authority (FCA) is consulting on a broader crypto asset regime expected to come into force on Oct. 25, 2027. Under the proposed approach, companies carrying out the new regulated activities would need authorization.
Disparte also addressed concerns that stablecoins could reduce bank deposits and lower demand for traditional lines of credit. He said the issue should not be framed as “banks versus stablecoins,” arguing that a clear regulatory framework can manage these risks without suppressing innovation.
He pointed to the use of strong reserve and liquidity standards and said bank participation could be encouraged within a regulated structure.
Disparte also argued that “trusted stablecoins expand markets,” adding that they do not shrink them.
Disparte outlined four governing principles he said could anchor the UK’s regulatory framework:
Disparte’s proposal drew on two existing regulatory models.
He cited the US federal stablecoin framework, the GENIUS Act, which was signed into law on July 18, 2025.
He also referenced the EU’s MiCA framework, described as the first comprehensive regulatory framework for the crypto industry. MiCA went into effect for crypto-asset service providers on Dec. 30, 2024.
Jesse McWaters, executive vice president and head of global policy at Mastercard, said stablecoins currently lack a clear value proposition that would drive customers to adopt them over existing domestic payment options.
At the same time, McWaters said stablecoins can accelerate cross-border transactions.
Disparte warned that without a regulatory framework, stablecoin activity would remain offshore. He said this would leave UK users more exposed and could jeopardize London’s role as a global center for financial innovation.
Source: Parliamentlive.tv
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