UK Financial Services Minister Andrew Griffith has refuted a report published by the Parliament’s Treasury Select Committee in May to regulate cryptocurrencies as gambling rather than financial service due to significant risks posed by unbacked cryptocurrencies to consumers. Griffith, in response, warned that such move would create regulatory ambiguity and potential misalignment with international standards and approaches from other major jurisdictions. It could also potentially fail to address sector-specific risks, as evidenced by the collapse of crypto exchange FTX.