Members of Parliament (MPs) in the United Kingdom have called upon the Financial Conduct Authority (FCA) to limit the use of the word “invest” and “investment” by cryptocurrency firms for promotional purposes.
According to a Thursday report in The Times, MPs at the treasury select committee told FCA chief Nikhil Rathi that the use of the phrase “your investment” often portrays that these are on par with an FTSE 100 company or a unit trust, thus giving the wrong impression about the type of investment. Harriett Baldwin, Conservative MP for West Worcestershire took special exception to FCA’s supposed inability to stop fraudulent promotions and went on to accuse them of helping criminals: