So-called “cryptoassets” span a wide and rapidly evolving range of digital instruments,
although the market continues to be dominated by unbacked “cryptocurrencies” such
as Bitcoin and Ether that we do not consider to have any intrinsic value. Given their
potential impact on the financial services landscape, we have been paying close attention
to cryptoassets for many years. Our predecessor Committee published a Report in 2018
that called for greater regulation to protect consumers from an industry it described as a
“wild west”. Nothing we have heard in our current inquiry has changed that impression.