The House of Commons Treasury Committee’s opposition to the government’s plans to regulate crypto like a financial service has generated an instant backlash from the industry – and lawmakers’ views, though non-binding, may represent an extra bump in the road to the U.K.’s crypto plans.
A Wednesday report from the panel of lawmakers, led by the Conservative Party’s Harriett Baldwin, warned that consumers could be lulled into a false sense of security if unbacked crypto such as bitcoin (BTC) and ether (ETH) were regulated like other investments – and that it should instead be regulated like gambling.
The country’s finance ministry, the Treasury, is adamant that it will press
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