U.K. Treasury Committee opens inquiry into use of cryptos

The U.K. Parliament's Treasury Committee has opened an inquiry into the risks and benefits associated with cryptocurrencies as well as how they would potentially be regulated, according to its website.Written submissions are welcomed until September 12.Furthermore, the committee is requesting the public's input on the impacts that cryptos could have on social inclusion, in addition to whether the regulators are "equipped to grasp the opportunities presented by crypto-assets, whilst at the same time mitigating against the risks."The move comes after the U.K. government requested views on the taxation of Decentralized Finance ("DeFi") activities, such as lending and staking in a backdrop of a market downturn, according an announcement dated July 5.In the cryptosphere, bitcoin (BTC-USD) is slipping 1.4% to $19.5K as of shortly before 1:00 p.m. ET, and ethereum (ETH-USD) is off 1% to $1.07K over the past 24 hours. Both tokens are down well over 60% from their November peaks.Earlier this week, (July 12) the U.S. Treasury invited the public to provide input on President Biden's crypto order.