Speeches by Glen.

“The hon. Gentleman makes a reasonable point. In a moment, I will speak about what needs to change and where we need to get to. Returning to my argument, the Pension Schemes Bill, which will have its Report stage next week, has made some welcome progress—I have to acknowledge that to the Minister. It has received signif…”

“Perhaps unsurprisingly, my right hon. Friend anticipates an argument that I am going to move on to about the wider culture of awareness of where investments are happening in our pensions, how important that is, and how we need to be cognisant of the gap that exists.”

“I beg to move, That this House has considered pension investment in UK equities. It is a pleasure to serve under your chairship, Mr Stringer. I think all hon. Members would agree that UK pension funds are hugely important, primarily to the millions of future pensioners, but also to the many scale-up businesses that are…”

“Following the decision to cancel the A303 improvements at Stonehenge, the focus in Wiltshire is on what else can be done, particularly around Salisbury, to remove some of the enormous congestion that exists that clearly impacts on economic growth. I was grateful for the engagement with National Highways last night on t…”

“Have we achieved that in the UK at the moment?”

“Professor Yüksel Ripley, what do you have to say about this? Could you bring some perspectives on international law and regulatory regimes that we could draw lessons from?”

“I hear what you are saying. That is the sort of classic answer that responsible people say, which is that we need stability, certainty and alignment with other jurisdictions so people feel confident to invest. What is specifically missing at the moment? What exists at the moment? It seems like a lot is being cooked up …”

“Mr Pond, could I ask you about the FCA’s interventions in this space so far? If we look at what it has done since 2020, there is AML for crypto exchanges; it has banned the sale of crypto derivatives to retail consumers; and it has brought crypto into the financial promotions regime. We discussed some of those in the l…”

“You seem to be, if I may say, imposing your own personal moral judgment about different qualities of investment. Surely that should be for fund managers and individual actors.”

“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.”

“That is helpful.”

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

“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.”

“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?”

“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 …”