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
1 Conclusion Acknowledged
First Report - The digital pound: …
Potential benefits of a digital pound for the UK economy remain unclear in extent and necessity.
There are some potential benefits to the UK economy from a digital pound. A digital pound could help support innovation in domestic payments, while guarding against some of the risks posed by new forms of private digital money by maintaining … Read more
Government Response
The government acknowledges the committee's observation on potential benefits, reiterating that the design process itself will foster knowledge-sharing and collaboration, which are valuable regardless of the final decision to introduce a digital pound.
HM Treasury
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6 Conclusion Acknowledged
First Report - The digital pound: …
Concern about misuse of consumer data by digital pound wallet providers for commercial purposes.
We are also concerned about potential misuse of consumers’ data by the user-facing firms that would manage consumers’ digital pound wallets, particularly given that the commercial use of this data could form a key part of the business model for … Read more
Government Response
The government acknowledges concerns about private sector data misuse and states firms would comply with existing UK data protection laws, promising to explore privacy-enhancing designs and set out the regulatory framework in detail during the design phase.
HM Treasury
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7 Recommendation Acknowledged
First Report - The digital pound: …
Ensure transparent data collection, clear opt-outs, and robust regulation for digital pound wallet providers.
While some consumers may be content to share their personal data with payment interface providers in exchange for digital pound wallet services, there is a risk that consumers do not fully understand how their data could be used, or the … Read more
Government Response
The government acknowledges concerns about private sector data use, stating all firms would comply with existing UK data protection laws, and commits to exploring privacy-enhancing designs and detailing the regulatory framework during the design phase.
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