Submission to the FCA in relation to Financial Promotions on Social Media

In this episode, we present an audio version of Bitcoin Policy UK’s submission to the Financial Conduct Authority (FCA) consultation paper GC23/2 – Financial Promotions on Social Media, published on 25 September 2023.Bitcoin Policy UK supports the FCA’s objectives to reduce consumer harm and improve market integrity but raises important distinctions between genuine Bitcoin-related communications and the influencer-driven promotion of speculative “crypto” tokens.The paper highlights:The risks of unregulated influencer activity, including “pump and dump” schemes such as the TURBO and BEN tokensThe need to distinguish between Bitcoin - a decentralised commodity with no issuer - and the thousands of tokens controlled by private entitiesThe potential benefits of a prospectus-style regime for new token issuanceThe need for clarity on enforcement responsibilities between influencers, platforms, and regulatorsBPUK argues that while much of the consultation rightly targets harmful promotions, regulation must be designed so that it does not unfairly restrict legitimate discussion of Bitcoin or prevent consumer education.🧭 Key themes:Influencer-driven crypto promotion and retail investor harmDistinguishing Bitcoin from token-based projectsThe role of social media platforms in enforcementCalls for a three-year track record requirement for new token offeringsEncouraging proportionate regulation that preserves free speech and innovation📄 Read the full written paper here:👉  Submission to the FCA in relation to Financial Promotions on Social MediaTo find out more about Bitcoin Policy UK's work and how you can get involved, visit:https://bitcoinpolicy.uk/