Lord Brennan of Canton
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Cryptocurrencies: US Regulation
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Lord Brennan of Canton (Lab)
My Lords, do the Government have in mind any lessons from history when considering the potential consequences on the finances of ordinary people of a regulatory race to the bottom with regard to any kind of financial instrument?
Lord Livermore (Lab)
Possibly, but I do not at all share the characterisation made by my noble friend of a regulatory race to the bottom. As I have said, we will regulate in the UK’s national interest. The Government will bring forward the final legislation to create a financial services regulator regime for crypto assets this year. Clearly, we must strike the right balance between giving firms regulatory certainty, protecting consumers and ensuring that the sector has the space and flexibility to innovate.