In this AI-spoken episode, we hear Bitcoin Policy UK’s response to the Bank of England and Financial Conduct Authority’s proposed approach to jointly regulating systemic stablecoin issuers.While systemic stablecoins are a different asset class to Bitcoin, Bitcoin Policy UK argues that the coherence and predictability of the framework matters because it forms part of the wider regulatory environment in which UK Bitcoin businesses operate.The paper examines what happens when a stablecoin issuer becomes systemically important and moves into joint regulation by the Bank and FCA. It calls for clearer division of supervisory responsibilities, early certainty over which FCA rules will continue to apply, and transitional arrangements that avoid firms facing a regulatory "cliff edge" when they become systemic.It also considers the proposed 12-to-36-month transition period, arguing that the regime should take account of firms' different starting positions, including their banking relationships, access to settlement infrastructure and balance-sheet strength.Other issues covered include the 24-hour redemption requirement during transition, ensuring smaller and newer firms can benefit from proportionality measures, and the need to protect open Bitcoin infrastructure from rules intended for identifiable regulated businesses. In particular, Bitcoin Policy UK asks the Bank and FCA to confirm that the framework will not apply to open-source protocols, non-custodial wallets, node operators or decentralised payment routing infrastructure such as Lightning routing where there is no central controlling entity. 📄 Read the full written paper here:👉  Response to the Bank of England and FCA's Approach to Joint Regulation of Systemic Stablecoin IssuersTo find out more about Bitcoin Policy UK's work and how you can get involved, visit:https://bitcoinpolicy.uk/