UK Has No Plans for 'Crypto Tsar' Proposed by Some Lawmakers, Minister Says

Economic Secretary to the Treasury Andrew Griffith reiterated the government's position that crypto should not be treated like gambling at a Tuesday debate.

AccessTimeIconJun 13, 2023 at 11:41 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Andrew Griffith, economic secretary to the U.K. Treasury, told lawmakers that the government had no plans to appoint a 'crypto tsar' during a Tuesday debate.

The debate was hosted by the cross-party Crypto and Digital Assets All Parliamentary Group (APPG), which published a report earlier in June asking the government to appoint an official to exclusively oversee crypto regulation. The U.K. Treasury had earlier proposed crypto should be regulated as financial services, with a bill to that effect now moving through Parliament.

"The government has no plans for a particular crypto tsar but I undertake to champion the sector quite rightly, in my role as the economic secretary and [as someone] responsible for financial regulation in the U.K.,” Griffith said. He has said he wants the country to be a crypto hub in the past.

Griffith also reiterated the government's view to regulate crypto as financial services after lawmakers in the House of Commons Treasury Select Committee proposed crypto should instead be regulated like gambling.

“There have been some suggestions by fellow parliamentarians that crypto assets are more akin to gambling I refute that, that is not the government's position," Griffith said. "The right regulator[s] [are] the financial regulators with their deep expertise and understanding of issues like how to ensure markets are fair, how to protect consumers.”

Griffith also said he was "thrilled" that venture capital giant Andreessen Horowitz (a16z) had chosen London as the site for its first office outside the U.S.

"I hope that they blaze a trail that many others follow," Griffith said.

Edited by Sandali Handagama.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about