UK crypto: ‘Tension exists between parliament and regulation’, says SNP’s Dr Lisa Cameron
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The chair of the UK all party parliamentary group (APPG) on crypto and digital assets, Dr Lisa Cameron, has revealed that a “tension exists between parliament and regulators regarding crypto”.
Cameron, who has served as the UK member of parliament (MP) for East Kilbride, Strathaven and Lesmahagow since 2015, spoke out at The Financial Times’ Crypto and Digital Assets Summit: Winter Edition on Monday 28 November.
The Scottish National Party (SNP) MP added that “there has been a great deal of interest in crypto from MPs, including [members of] the House of Lords” and that a “momentum” was building in Parliament.
However, following the collapse of the FTX cryptocurrency derivatives exchange into bankruptcy on 11 November, the MP said “there has been a great deal of reputational damage” and that “legislators will be more cautious now after FTX”.
Cameron also repeated the phrase used by Gary Gensler, chair of the US Securities and Exchange Commission (SEC), that crypto is like the “wild west”.
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The SNP MP detailed how she has spoken to the Financial Conduct Authority (FCA) and it has explained that it is looking into the risk management side of crypto. However, many of the FCA’s employees have been poached by the crypto industry, Cameron added.
Additionally, Cameron stressed that “communication” needs to improve between the FCA and the crypto industry
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Cameron went on to say she would ask Parliament’s Education Committee – which scrutinises the work of the Department for Education – to look into how schools and universities teach students and pupils about the digital asset sector.
She also spoke of the “amazing positive impact” crypto has had in Ukraine after the country’s digital finance minister told her and other MPs how crypto had helped the country in its time of need following Russia’s invasion on 24 February.