MPs To Probe Crypto Regulation And Future Role Of Financial Conduct Authority

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MPs are to probe whether further regulation is need in the crypto industry on Monday.

The Treasury Select Committee is meeting on November 14 to explore a wide range of crypto-related topics.

In addition to regulation, they’ll also be looking at whether the Financial Conduct Authority (FCA) needs to play a more active role in the sector.

Other topics include stablecoins, what the impact of introducing a Central Bank Digital Currency would be, how crypto assets should be taxed and how the industry is impacting the environment.

Harriet Baldwin MP, who is the new chair of the committee, hailed her work to help the UK become an attractive place for FinTech to do business.

FinTech Champion

She said: “I am proud of my achievements working within Government.

“As economic secretary to the Treasury between 2015 and 2016, I brought in the Bank of England and Financial Services Act to make our financial system stronger, ensured the UK is the best place for FinTech businesses, cracked down on PPI nuisance calls, launched the Women in Finance charter, increased competition in the banking sector and returned over £20 billion of financial assets to private hands.”

The meeting comes as the crypto ecosystem is still reeling from the FTX liquidity crunch this week which left many users unable to access their assets held on the platform.

At the time of writing crypto exchange Binance had pulled out of a rescue deal, and the beleaguered platform had started talks with another rival exchange, Kraken, on a rescue deal.

Among those being called to speak before the committee are Susan Friedman, head of policy at Ripple, Ian Taylor, executive director at CryptoUK and Daniel Trinder, from Binance.