British MPs Cite “Blockchain Banks” Rise in Opposing Integration of BoE Regulatory Subsidiary

Opposition British Members of Parliament have pressed for removal of a clause in the Bank of England and Financial Services Bill that integrates the Prudential Regulation Authority into the Bank of England as a committee. The opposition MPs believe the clause, Clause 12, demotes and undermines the independence of the PRA, which was created to oversee microprudential regulation in 2013 in the wake of the 2008 financial crisis.