Fifteenth Report - Regulating Crypto

Select Committee
Treasury Committee HC 615 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 tracker
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Recommendations & Conclusions

1 results
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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