George Osborne, former Chancellor of the Exchequer of the United Kingdom, launched a fierce attack on the way the Labour government treats cryptocurrencies, warning that the UK could miss out on a "financial revolution similar to the one in the 1980s" and fall behind the trend. Osborne is now a member of the global advisory board of the American cryptocurrency exchange Coinbase, and he said that Chancellor Rishi and Bank of England Governor Bailey are putting the UK on the slow lane. Osborne said, "Rachel Reeves is right, we have all become too risk-averse. The reason we became the world's financial center is because we are not afraid of change." "In cryptocurrencies and stablecoins, as in many other things, a harsh fact is: we are completely left behind. It's time to catch up." Osborne said that accusing regulators of being overly cautious is an "untenable excuse," and Reeves should follow the example of the US Congress in legally establishing a framework for cryptocurrencies. He warned that the US, EU, Singapore, and Abu Dhabi are all ahead of the UK. (Financial Times)