In September 2018, the United Kingdom’s Treasury Select Committee ("TSC") published the result of its months-long examination of the UK’s cryptocurrency sector. It provided regulatory recommendations to protect consumers and to prevent fraud and money laundering in the cryptoasset market (the “TSC Report,” House of Commons Treasury Committee Crypto-assets Report.) Certain industry players, led by the non-profit British Business Federation Authority (BBFA), objected to these recommendations. They argued the TSC’s proposed approach lacks nuance and will lead cryptomarket participants to flee the UK for jurisdictions with fewer regulations (William Suberg, Coin Telegraph.).