The U.K. Treasury – in consultation with other regulatory bodies like the Bank of England (BoE), the Payment Systems Regulator (PSR), and the Financial Conduct Authority (FCA) – will introduce legislation on a regulatory system for stablecoins before the August summer break, said Deputy BoE Governor Jon Cunliffe on Wednesday. Speaking at the Qatar Centre for Global Banking and Finance’s annual conference, Cunliffe said recent events have delayed plans a bit. He’s likely referring to the last 24 hours, which have seen the resignations of Treasury chief Rishi Sunak and senior Treasury official Jon Glen from their roles ... (full story)