The crackdown oncryptocurrencyescalated today when lawmakers called for consumer trading to be regulated like gambling.
They also noted several adverse impacts of cryptocurrencies.
Effective regulation is clearly needed.
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By betting on these unbacked tokens, consumers should be aware that all their money could be lost.
Furthermore, gambling is exempt from capital gains tax.
Crypto has been crucial for the unbanked.
Taylor further criticised the lawmakers for overlooking evidence submitted by CryptoUK.
In addition, he disputed claims that cryptocurrencies lacked useful social purposes.
The ability to represent financial products such as bonds and equities on ablockchaindefers a host of benefits.
His arguments, however, arrive at a tough time for the industry.
Trust in cryptocurrencieshas been batteredby market turmoil,the FTX scandal, and thecollapse of stablecoin terra.
In response, governments around the world are pushing for further regulation of the sector.
As is so often the case with tech legislation, the EU is leading the charge.
In April, theEuropean Parliament approvedthe worlds first comprehensive set of rules for crypto-assets.
But the new committee report shows any such objectives face powerful opposition.
Story byThomas Macaulay
Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he e(show all)Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he enjoys playing chess (badly) and the guitar (even worse).
