Source · Select Committees · Culture, Media and Sport Committee
Fourteenth Report - NFTs and the Blockchain: the risks to sport and culture
Culture, Media and Sport Committee
HC 598
Published 11 October 2023
Recommendations
3
Accepted
Exclude fan tokens from all measurements of fan engagement in professional sports regulation.
Recommendation
The recent plateaus in professional sports leagues’ revenues and the zero-risk nature of crypto revenue for clubs has incentivised partnerships between professional sport and crypto companies. However, the unique relationship between clubs and fans means that fan speculation on sport-based …
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Government Response Summary
The government accepts the recommendation, stating that the new Independent Football Regulator will explicitly exclude fan tokens from its assessment of whether a club has met the required standard for fan engagement, focusing instead on structures for consulting representative supporter groups.
Department for Culture, Media and Sport
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4
Accepted
Mandate the Ministerial taskforce to explicitly review misleading and fraudulent NFT and cryptoasset advertising.
Recommendation
We welcome the Government’s recently articulated intention to introduce statutory regulation for online advertising, in line with our conclusions and recommendations from our “Influencer culture” inquiry last year. We recommend that the Government respond to the evidence we have gathered …
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Government Response Summary
The government welcomes the committee's point, stating that existing laws like the Consumer Protection from Unfair Trading Regulations 2008 already ban misleading advertising, and highlights its Online Advertising Programme and the FCA's expanded remit for regulating cryptoasset promotions to improve consumer protection.
Department for Culture, Media and Sport
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