PANews reported on August 4th that, according to the Financial Times, former British Chancellor of the Exchequer George Osborne slammed the Labour government's approach to cryptocurrencies, warning that the UK risks missing out on an opportunity similar to the "great financial reforms of the 1980s" and falling behind the curve. Osborne, who currently serves on the global advisory board of US cryptocurrency exchange Coinbase, blamed Chancellor of the Exchequer Rachel Reeves and Bank of England Governor Andrew Bailey for slowing the UK's development. He bluntly stated that the UK is lagging far behind in the cryptocurrency and stablecoin sectors and must catch up. Osborne also stated that accusing regulators of excessive caution is a "flimsy excuse," and that Reeves should follow the US Congress's lead in developing a legal framework for cryptocurrencies, lest the US, the EU, Singapore, and Abu Dhabi, among others, leap ahead.