In a recent Treasury debate, Andrew Griffith, the economic secretary to the U.K. Treasury, expressed that the government holds no intentions of appointing a ‘crypto tsar.’ This decision has come to light after the cross-party Crypto and Digital Assets All Parliamentary Group (APPG) published a report in June, urging the government to assign an exclusive official for overseeing crypto regulations. Despite this appeal, the U.K. Treasury is moving forward with a bill to regulate crypto as financial services.
Griffith, who holds responsibility for financial regulation in the U.K., assured that he would champion the crypto sector in his position as the economic secretary. In the past, Griffith has expressed his desire for the U.K. to become a crypto hub. In the debate, he also reaffirmed the government’s view of regulating crypto as financial services, opposing the House of Commons Treasury Select Committee’s suggestion that crypto should fall under gambling regulations.
Griffith argued against this proposal by stating that the government’s position does not see crypto assets as akin to gambling. Instead, Griffith advocates for financial regulators, who possess extensive knowledge and experience in dealing with market fairness and consumer protection, to oversee the crypto domain.
It’s worth considering that, given the rapidly changing landscape of the crypto world, having a dedicated crypto tsar could possibly offer a more streamlined approach in responding to new challenges and regulatory needs. However, as it currently stands, the U.K. Treasury’s focus remains on regulating the industry through existing financial regulators, which could ensure consistency in the government’s approach to financial oversight.
In related news, Griffith conveyed his enthusiasm for venture capital giant, Andreessen Horowitz (a16z), selecting London as the location of its first-ever office outside the U.S. He hopes that this decision will inspire other enterprises to follow suit and continue to build the U.K.’s reputation as a leading hub for digital innovation and crypto technology.
In conclusion, while the government has chosen not to appoint a dedicated crypto tsar, it stands firm in its push to regulate the crypto sector as financial services under the guidance of financial regulators. This decision, coupled with influential companies like a16z expanding into London, serves to solidify the U.K.’s commitment to becoming a prominent center for the continually evolving world of crypto and blockchain technology.
Source: Coindesk
