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

“With no intrinsic value, huge price volatility and no discernible social good, consumer trading of cryptocurrencies like bitcoin more closely resembles gambling than a financial service, and should be regulated as such,” Harriett Baldwin, member of Parliament and chair of the Treasury Committee said in the statement. “By betting on these unbacked ‚tokens,‘ consumers should be aware that all their money could be lost.”