Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what the evidential basis was for the Financial Conduct Authority statement in its consultation that Exchange Traded Notes that reference cryptoassets present risks to investors that are similar to Contract for Difference products which reference cryptoassets.

This is a matter for the Financial Conduct Authority (FCA), which is independent of government. The question has been passed to the FCA.

The FCA will reply directly to Philip Davies MP by letter. A copy of the letter will be placed in the Library of the House.