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Fortune
Fortune
Ben Weiss

Is crypto trading the same as gambling? This U.K. parliament committee thinks so, and most crypto advocates—unsurprisingly—disagree

Harriett Baldwin chairs the Treasury Committee in the U.K.'s House of Commons. (Credit: Luke Dray—Getty Images)

The volatile price swings of Bitcoin and other cryptocurrencies have minted millionaires and left others drowning in debt, results not unlike those seen in, say, a game of no-limit Texas hold'em.

On Wednesday, a committee in the U.K.'s parliament made explicit the link between trading crypto and trading in poker chips, writing in a report that "consumer speculation in unbacked cryptoassets more closely resembles gambling than it does a financial service."

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