The crypto-asset industry

Treasury Committee Closed Inquiry
Opened: 12 Jul 2022 Closed: 11 Mar 2024 Parliament page
In this inquiry, the Treasury Committee will examine the potential risks and opportunities associated with the use of crypto-assets, their impact on social inclusivity and the possible need for regulatory change in the future. Read the call for evidence to find out more about the inquiry
12 Recommendations
6 Conclusions
2 Reports
6 Letters
4 Events
Activity timeline 14 events
31 Jan
2024
Report published
25 Jan
2024
Correspondence
2 Dec
2023
Report published
20 Jul
2023
Report published
1 Jun
2023
Correspondence
17 May
2023
Report published
25 Apr
2023
Correspondence
25 Apr
2023
Correspondence
28 Feb
2023
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
26 Jan
2023
Correspondence
10 Jan
2023
Formal meeting (oral evidence session) · The Wilson Room, Portcullis House
7 Dec
2022
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
Recommendations & Conclusions
3 results
Clear
5 Conclusion Accepted in Part
Fifteenth Report - Regulating Cryp…
Unbacked cryptoassets pose significant consumer risks, resembling gambling more than financial services.
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
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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9 Recommendation Accepted in Part
First Report - The digital pound: …
Ensure continued support for physical cash and improve digital literacy for financial inclusion.
The Government and Bank of England must resist the temptation to believe that a digital pound can fix problems it can’t, however, and a digital pound must not make financial exclusion worse. There is a risk that the introduction of … Read more
Government Response
The government states a digital pound would complement cash and references its 2023 legislation giving the FCA powers to protect access to cash, with a new regulatory framework expected by summer 2024, but does not address digital literacy or universal access to digital pound services.
HM Treasury
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11 Recommendation Accepted in Part
First Report - The digital pound: …
Report digital pound expenditure as a separate line item in Bank of England annual accounts.
The Bank of England has already incurred significant costs from its work on a digital pound, and its further work on the design of a digital pound will require increased expenditure in the coming years. It is important that the … Read more
Government Response
The Bank acknowledges the request for transparency on digital pound costs, stating it currently reports CBDC costs within its broader fintech work, and will consider the appropriate future reporting mechanism.
HM Treasury
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Government Response AI assessment · 18 of 12 classified
Accepted 8
Accepted in Part 3
Acknowledged 3
Deferred 1
Rejected 3
Total 12 recs + 6 conclusions
Correspondence 6 letters
25 Jan 2024 Correspondence from HM Treasury and the Bank of England, in response to the Committee’s First Report of the Session 'The Digital Pound: Still a Solution in Search of a Problem?', dated 25 January 2024
Parliament page
1 Jun 2023 Correspondence from the Chancellor of the Exchequer regarding Commitment on Central Bank Digital Currency, dated 23 May 2023
Parliament page
25 Apr 2023 Correspondence from the Bank of England, relating to the session on ‘The crypto-asset industry’ on 28 February, dated 13 April
Parliament page
25 Apr 2023 Correspondence from the Chair to the Bank of England, relating to the session on ‘The crypto-asset industry’ on 28 February, dated 20 March
Parliament page
26 Jan 2023 Correspondence from the FCA relating to the session on ‘The crypto-asset industry’ on 7 December 2022
Parliament page
16 Nov 2022 Correspondence from Binance, relating to the session on ‘The crypto-asset industry’ on Monday 14 November, dated 15 November
Parliament page