The crypto industry is “a complete disaster” at the moment, said Godfrey John Bewicke-Copley, a member of the House of Lords, at an All-Party Parliamentary Group (APPG) meeting on Wednesday.

In fact, he advised that the industry “ditch” the word “crypto” altogether. “Please, if we are going forward, let's not call it crypto anymore. Please, don't call it criminal money. Just call it digital currency or something, just ditch the crypto,” he said.

Bewicke-Copley – whose official title is Lord Cromwell – said that the crypto industry needs to work to get regulators on board, and may need to do some rebranding.