tl;dr
The UK is just dysfunctional.
Market Snap
Market Wrap
In all the fury and noise around SpaceX’s mega-IPO making Elon Musk the world's first TRILLIONAIRE (nice work if you can get it) it seems to have gone unremarked that 6% of SpaceX’s treasury reserves are in BTC.
Occasional Series – The UK’s institutional incompetence
Following a damning report by the public accounts committee stating that HMRC’s customer service reached an all-time low in 2025, Angela MacDonald, HMRC’s deputy Chief Executive, who is personally responsible for customer service, has been honoured in the King’s Birthday Honours List.
I think that immediate dismissal and decimation of her full-fat pensions rights would have been a more appropriate response.
Curious Cryptos’ Commentary – The UK
Regular readers already know that the stablecoin revolution is a moral imperative that will directly benefit the world’s poor and dispossessed to the benefit of us all.
True to form, the UK is pushing back against doing the right thing to support the maintenance of TradFi’s senior executives’ bonuses. The Bank of England has put forward proposals to regulate stablecoins in the UK. Rather than looking at MiCA in the EU, and GENIUS in the US, the hapless Andrew Bailey has come up with the ridiculous idea of “banning” the movement of stablecoins to self-custodial wallets.
Benoit Marzouk, CEO of stablecoin issuer tGBP, was suitably unimpressed:
“A plane without wings is no longer a plane. Likewise, a stablecoin or blockchain asset that can only be transferred to a predefined list of wallets is not truly blockchain, it is effectively e-money within a closed ecosystem and then you don't need a separate regulation.”
Freddie New, chief policy officer at the Bitcoin Policy UK, was even more plain:
“…. (the proposed policy from BOE) is of such monumental, such overweening, stupidity, that it is hard to formulate a sensible response.”
On hearing that fully justified criticism, Bailey looked in the mirror and puffed out his chest in appreciation.
…
Sarah Breeden, Deputy Governor, admitted to Parliament that the only real concern is that stablecoins offer competition to TradFi’s rapacious rip-off of depositors:
“I think you would expect us as the financial stability authority to ensure that there isn't a precipitous drop in credit to the businesses and households in the UK.”
Dimon will be delighted by this latest turn of events in the UK.
Curious Cryptos’ Commentary – The UK part II
Stand with Crypto has launched a campaign to fight back against UK TradFi’s illegal attempt at their own version of Operation ChokePoint 2.0, namely the blocking of the transfer of investors’ hard-earned cash to centralised cryptocurrency exchanges such as Coinbase.
https://x.com/StandWCrypto_UK/status/2064648605517099130
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