Crypto ‘more closely resembles gambling than a financial service’, Treasury committee warns government

Published by
City AM

By Chris Dorrell An influential group of lawmakers has argued that consumer cryptocurrencies should be treated like gambling in the government’s upcoming crypto regulations. In a new report on the crypto sector, MPs on the Treasury Select Committee concluded that retail trading in unbacked crypto “more closely resembles gambling than a financial service”. The MPs noted that the vast majority of cryptoassets are unbacked, arguing they have “no intrinsic value and serve no useful purpose”. The report also suggested that many of those investing in cryptoassets treated it as a speculative gamble. …

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