UK Abandons Plan to Regulate Crypto like Gambling
The British government has recently dismissed a proposal that sought to regulate crypto trading and investment as if it were gambling. Economic Secretary to the HM Treasury, Andrew Griffith, expressed strong disagreement with the UK Parliament’s Treasury Committee’s suggestion to categorize “retail trading and investment activity in unbacked cryptoassets” as gambling rather than a financial service. In their report issued in May, the Treasury Committee referred to bitcoin (BTC) and ether (ETH) as “unbacked cryptoassets” with “no intrinsic value” and claimed they served “no useful social purpose.” This characterization led them to propose treating crypto trading as a form of