Source · Select Committees · Treasury Committee

Fifteenth Report - Regulating Crypto

Treasury Committee HC 615 Published 17 May 2023

Report Status

Government responded

Conclusions & Recommendations

5 items (3 recs)

Source

View on Parliament website ↗

Government Response

AI assessment · 5 of 5 classified

Accepted 3

Accepted in Part 1

Rejected 1

Government response

Seventh Special Report - Regulating Crypto: Government Response to the Committee’s Fifteenth Report · published 20 Jul 2023

Read the government response ↗ Response on the Index

Recommendations & Conclusions

1 item

5 Conclusion Accepted in Part

Para 51

Unbacked cryptoassets pose significant consumer risks, resembling gambling more than financial services.

Conclusion

Regardless of the regulatory regime, their price volatility and absence of intrinsic value means that unbacked cryptoassets will inevitably pose significant risks to consumers. Furthermore, consumer speculation in unbacked cryptoassets more closely resembles gambling than it does a financial service. … Read more

Government Response Summary

The government acknowledges concerns about consumer risks and the 'halo effect' in unbacked cryptoassets, stating it has implemented robust measures to ensure consumers understand the high risks involved, while maintaining its financial services regulatory approach.

HM Treasury

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