Gemini’s departure highlights a subtle but critical distinction in crypto policy.

Industry leaders aren’t arguing against regulation. They’re warning against regulation that’s incomplete, overlapping, and slow to finalize.

Under the UK’s proposed framework, crypto firms will face a narrow authorization window in late 2026, followed by a full prudential regime in 2027 — yet key details, especially around stablecoins and systemic oversight, remain unresolved.

That creates risk. Exchanges must invest heavily now without knowing how multiple regulators’ rules will intersect later.

The result? Some firms decide the operational lift isn’t worth the opportunity.

The UK’s challenge isn’t being too strict —
it’s being too unclear for too long.