A panel of UK lawmakers has recommended that cryptocurrencies like Bitcoin and Ethereum be regulated as gambling due to the potential for fraud and risks to consumers. The report from parliament's treasury committee also noted that these cryptoassets are not backed by any currency or asset, leading to volatility in prices and the potential for all invested money to be lost. Regulating retail trading and investment in unbacked cryptocurrencies as gambling could create a false sense of security for consumers. The Financial Conduct Authority has previously warned consumers about the risks of investing in cryptocurrencies.