Crypto has ‘no intrinsic value’ and ‘no useful social purpose,’ say lawmakers

The crackdown on cryptocurrency escalated today after lawmakers called for consumer trading to be regulated like gambling. In a new report by a cross-party committee, British politicians claimed the likes of Bitcoin and Ether have “no intrinsic value” and serve “no useful social purpose.” They also noted several adverse impacts of cryptocurrencies. Specifically, they highlighted the vast energy consumption, the risk to consumer traders, and the criminal use in scams, fraud, and money laundering. ‘Effective regulation is clearly needed. Due to the public risks, the committee warned against regulating trading as a financial service — which the UK government has proposed.…

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