The ability of the UK to become a global leader in the digital economy, and to retain its position as a leading international financial centre, depends on the ability of this piece of legislation to set out clearly, decisively and unambiguously how it will distinguish between different types of cryptoassets. Without strong, decisive and nuanced categories, the potential for effective regulation, and therefore optimum growth, will be lost. This is not an opportunity to be squandered, yet the current drafting threatens to do just that.