Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Financial Conduct Authority's consultation entitled, CP19/22: Restricting the sale to retail clients of investment products that reference cryptoassets, what the evidential basis is for the statement that the majority of investors in Exchange Traded Notes which reference cryptoassets were likely to suffer a loss over the long-term.

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.