The Commons Treasury committee, which is chaired by the Conservative MP Harriett Baldwin, published a report into the crypto market in which it warned ministers to take “a balanced approach to supporting the development of cryptoasset technologies”.
The MPs cited a government plan for the Royal Mint to develop a digital asset known as a non-fungible token (NFT), a project that was announced when Sunak first unveiled his crypto push last year but that has since been abandoned. The committee said: “It is not the government’s role to promote particular technological innovations for their own sake,” and argued that large swathes of the crypto industry “remain a Wild West”.