UK Lawmaker Group Clashes With Treasury Over Treating Unbacked Crypto As Gambling

Harriet Baldwin, Member of Parliament and Chair of the Treasury Committee, said, “With no intrinsic value, enormous price volatility and no apparent social good, consumer trading of cryptocurrencies like bitcoin is closer to gambling than a financial service.” It is, and it should be regulated as such.” said in the statement. “By betting on these unbacked ‘tokens’, consumers should be aware that they could lose all their money.”