Does Andrew Griffith Support Crypto?

Commentary on Stance

@DTSIBot
submitted some AI-generated analysis

Andrew Griffith, UK Member of Parliament and former City Minister, recently gave a powerful insight into the regulatory hurdles facing crypto innovation in the United Kingdom. He stated that while in office, he repeatedly and fervently encouraged major issuers like Circle to launch a sterling-denominated stablecoin. This is a significant action. It shows a deep understanding of the value stablecoins bring, not just as a trading instrument, but as fundamental infrastructure for a modern digital economy. Griffith saw this as "vital for innovation in the UK." Crucially, he places the blame for this not happening squarely on the shoulders of regulators, describing their stance as an "ostrich-like attitude." This is a direct and pointed criticism, identifying regulatory fear and inaction as the primary barrier to progress, rather than any fault of the technology or the industry itself. This stance is unequivocally positive and earns a 'Very For Crypto' rating. It demonstrates proactive, high-level advocacy for stablecoins, a correct diagnosis of the problems hindering adoption, and a clear vision for crypto's role in national innovation. This is perfectly in line with Griffith's consistent track record of supporting the digital asset industry.

Andrew Griffith MP

@griffitha

The U.K. is a wonderful country but in London Tech Week this year there is a definite negative ‘vibe shift’ following news about Wise and Alphawave and others. London risks becoming a ‘flyover state’ as talent and money heads instead to cities such as Paris, Abu Dhabi and Riyadh. Labour’s attacks on business and investors are turning London into hostile territory for wealth creators, just as Sadiq Khan’s refusal to police our streets or the underground is making them think twice about their families living in the capital. What was once the financial epicentre of the world and a safe, high trust place to live is becoming a high tax, high crime horror-show. Actions have consequences, and since Labour took office over £140bn in London listings has been cancelled, relocated, or otherwise lost to exchanges elsewhere. This comes at a cost. Our financial sector accounts for almost 10 per cent of our GDP — no growth strategy is credible without it. When first elected this government had the chance to set out London’s stall as a beacon of stability when other markets seemed more volatile but this was squandered by the Chancellor initially trash talking the economy followed by the actual self-harm of raising taxes, raising spending and fiddling the fiscal rules. In particular, the changes to the taxation of international investors has seen millionaires fleeing the UK at a rate of one every 45 minutes and – by some estimates – fully ten percent of non-domiciled investors having already left. Amongst them Guillaume Pousaz, the Checkout founder, sending a signal to other tech entrepreneurs who tend to cluster together. Whilst some write off London, in my view as former City Minister it is still fixable, but the government would have to get a grip and fast. That would involve a further push on regulatory culture, new investment visas, reversing her global tax grab, more openness to cryptocurrencies, encouragement for retail investors, pushing back on ESG burdens and looking again at disincentives like stamp duty on shares. Instead of wasting time and energy on mandating how Labour politicians will invest your retirement savings, we must tackle the deep-seated regulatory culture of risk aversion which sees far too much investment in low return gilts rather than growth shares such as the very companies moving their listings overseas. Of course, this shift to higher return assets would be easier for the government to embrace if they weren’t themselves conflicted by having to sell gilts in order to fund their profligate public sector spending spree. Under new management we Conservatives have a positive vision for Britain’s businesses where we can drive growth and take a chainsaw to the regulations and lawyers that throttle or slow innovation and investment. A whole rewiring of the state, the economy and the regulations that underpin them.

2025-06-11T10:55:43.000Z

Andrew Griffith MP

@griffitha

What can we do? For starters: – A further push on regulatory culture to favour risk over inertia. – Welcoming crypto – Encouraging retail investors – Pushing back on ESG burdens – Scrapping stamp duty on shares

2025-06-09T16:37:52.000Z

Somewhat Pro-Crypto

Andrew Griffith MP

@griffitha

It is better to embrace disruption than be disrupted any way without the opportunities. Sadly

regulators have had entirely defensive attitude to growth.

Cryptocurrencies | The Guardiantheguardian.com/technology/202…t

2025-03-08T09:10:26.000Z

Quoted from ft.com on 2023-07-21

British MP and economic secretary to the Treasury Andrew Griffith has outrightly rejected calls for the UK government to regulate cryptocurrency as gambling, arguing such a move would run counter to globally agreed recommendations regarding crypto oversight, create unclear mandates between regulators and potentially fail to mitigate several risks.

Quoted from inews.co.uk on 2023-07-21

Treating crypto trading as a form of gambling would run completely counter to globally agreed recommendations from international organisations and standard-setting bodies, including the International Organisation of Securities Commissions and the G20 Financial Stability Board.

HM Treasury and the Financial Conduct Authority will work with the industry to ensure crypto firms are made fully aware of the standards required for approval.

Quoted from theblock.co on 2023-07-01

Griffith is a known advocate for blockchain technology and in a June hearing said the technology could bring a profound and positive impact to multiple sectors in the UK. He also celebrated a16z’s London office announcement, noting that “industry can see that the UK has clear and ambitious plans for cryptoassets.” “I hope that I have made it sufficiently clear that the Government wants to be a leader in this space,” said Griffith in the June hearing.

Somewhat Pro-Crypto

Quoted from gov.uk on 2023-03-30

We are establishing a framework for regulating cryptoassets and stablecoins. This includes ensuring that the Treasury has the powers to regulate cryptoassets within the existing financial services framework which could cover those relating to the trading and investment of cryptoassets.

Quoted from telegraph.co.uk on 2023-02-04

City minister Andrew Griffith MP told the Treasury Select Committee earlier this month: "There are some really important public policy issues about how you come forward with the design of a sovereign digital currency. We have to get them right. I would rather be right than be first."

Quoted from hansard.parliament.uk on 2023-01-25

On the potential economy, the hon. Lady might be familiar with the work done by PricewaterhouseCoopers that estimates that blockchain technology, which underlies what is often referred to as crypto, could boost the UK economy by £57 billion by 2030. That is a sizeable opportunity and we are keen for the UK to seize its fair share.

Commentary on Stance

Stand With Crypto
marked this stance as very pro-crypto

This statement expresses a clearly supportive and optimistic outlook on blockchain technology and, by extension, crypto. Citing PwC’s £57 billion economic potential by 2030, it frames blockchain as a strategic economic opportunity the UK is eager to capitalise on.

Quoted from cointelegraph.com on 2023-01-10

Griffith defended the work being done on the wholesale stablecoin, saying stablecoins are “here now” and therefore in need of immediate attention. He noted that it is unclear whether a CBDC would displace private stablecoins on the market if a CBDC were introduced.

Quoted from committees.parliament.uk on 2023-01-10

At a Treasury Select Committee hearing he also suggestied that the objective of the Government at the time was to "continue to seek for the UK to be the home for a well-regulated, technologically advanced financial system, and there is room for [crypto] within that"

Commentary on Stance

Stand With Crypto
marked this stance as very pro-crypto

This comment reinforces a constructively pro-crypto stance, emphasising the UK government’s ambition to be a global leader in financial innovation, with crypto included as long as it fits within a well-regulated system. It shows a clear willingness to embrace digital assets as part of the UK’s financial future.

Quoted from hansard.parliament.uk on 2022-10-25

Cryptoassets and blockchain could have a profound impact across all forms of the financial services sector.

Commentary on Stance

Stand With Crypto
marked this stance as very pro-crypto

This statement reflects a positive and optimistic view of cryptoassets and blockchain, recognising their potential to transform the entire financial services sector.

Andrew Griffith MP

@griffitha

2025-06-11T10:55:43.000Z