CoinShares urges investors and customers to lobby against a UK ban on crypto ETNs

CoinShares is urging its customers to lobby the UK’s Financial Conduct Authority (FCA) over impending cryptoasset regulations that would ban exchange-traded notes (ETNs). In a letter to investors sent today, CoinShares has asked its customers to write emails and text messages to the UK regulator in support of ETNs, one of its premiere products.

“We believe that the FCA has not provided sufficient evidence to justify the proposed ban. Through its consultation, the regulator makes little attempt to genuinely evidence its claims and instead ‘cherry picks’ data sets in order to illustrate its perception of cryptoassets, ETNs and the perceived harm the FCA believes these products cause.”

In today’s letter, CoinShares said the FCA’s analysis on cryptoassets “demonstrates a lack of understanding of their functionality, value and the motivations for why an investor might seek out such products.”