UK lobbyists slam gov’t report, deny crypto is like gambling
British Members of Parliament (MPs) have claimed that crypto has “no intrinsic value and no useful social purpose” while suggesting the space may be better regulated if it’s treated more like gambling. The comments were made in a new report on regulating crypto in the UK , published on Wednesday by the Treasury Select Committee, a panel of MPs from across the political spectrum. The report claims that regulating retail trading and investment activity in unbacked crypto assets (such as bitcoin and ether) as a financial service, will “create a ‘halo’ effect, leading consumers to believe this activity is safe and protected when it is not.” Instead, the report says UK crypto should be regulated like gambling . “Unbacked crypto assets have no intrinsic value, and their price volatility exposes consumers to the potential for substantial gains or losses while serving no useful social purpose,” the report reads. “These characteristics more closely resemble gambling than a financ...