Draft Financial Services and Markets Act 2000 (Cryptoassets) (Miscellaneous Amendments) Regulations 2026 Draft Financial Services and Markets Act 2023 (Addition of Relevant Enactments) Regulations 2026

Mark Garnier Excerpts

Wednesday 11th November 2026 General Committees

[Mark Garnier (Wyre Forest) (Con)]

I begin by thanking the Economic Secretary to the Treasury for her enthusiasm to engage after we debated this topic in January this year. A problem highlighted at the time was the confusion between what is a cryptoasset and what is part of a payment system. Something like Bitcoin is effectively dematerialised gold, so there needs to be regulated investment advice for people who have invested in it, whereas a stablecoin such as Tether is actually part of the payment system. It was incredibly thoughtful of the Minister to engage with me and others to resolve the difference between those two things.

I would particularly like to thank two people for giving me advice on that issue—Mike Ringer and Professor Sarah Green. They are far cleverer than me, and they came in and highlighted the problem. To my way of thinking, having been here for 16 years, it is incredibly good that Parliament works so effectively when we get together and sort out a problem such as this. I thank the Minister and all her officials for their engagement.

The second instrument relates to the City of London and the UK remaining at the forefront of financial innovation. We are delighted that this measure is coming through, and I thank the Minister once again. Mrs Harris, you have chaired an afternoon of unanimity and enthusiasm towards the Government.

Question put and agreed to.

DRAFT FINANCIAL SERVICES AND MARKETS ACT 2023 (ADDITION OF RELEVANT ENACTMENTS) REGULATIONS 2026

Resolved,

That the Committee has considered the draft Financial Services and Markets Act 2023 (Addition of Relevant Enactments) Regulations 2026.—(Lucy Rigby.)