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This podcast episode was originally published by the Institute of Economic Affairs IEA London on 7 June 2025.
https://www.youtube.com/watch?v=GEsHxsi7OOY
In this Institute of Economic Affairs podcast, Digital Production Manager Jamie Legg interviews Freddie New, Chief Policy Officer at Bitcoin Policy UK, examining Reform's recent crypto policy bill announced by Nigel Farage at the Bitcoin Conference. The conversation covers the fundamentals of cryptocurrency - from Bitcoin's hard-capped digital money to stablecoins and meme coins - while exploring how these technologies align with classical liberal principles of free speech and transaction freedom. New explains how Bitcoin emerged from the 1980s Cypherpunk movement and the crypto wars, establishing the principle that code is speech deserving of First Amendment protection.
The discussion turns critical when examining the UK's current regulatory approach, with New describing the Financial Conduct Authority's handling of cryptocurrency as "very poorly" managed. He highlights how the FCA's ban on retail crypto ETFs since 2021 contradicts their mandate to prevent customer harm, forcing investors toward riskier unregulated alternatives while driving innovation to the EU and other jurisdictions. Despite 7 million UK adults holding cryptocurrency - representing 12-15% of the adult population - New argues the regulator lacks expertise and ignores industry feedback, creating a chilling effect that positions Britain as a follower rather than leader in this sector.
New offers measured praise for Reform's nine-point crypto bill, particularly the proposed reduction in capital gains tax from 24% to 10% and provisions for paying taxes in cryptocurrency. He advocates for additional measures including de minimis exemptions for crypto payments, integration of Bitcoin mining with renewable energy infrastructure, and protecting developers' rights to write code without being classified as money transmitters. The interview concludes with New's vision for the UK's £5 billion Bitcoin reserve - currently the world's third-largest sovereign holding - arguing the government has a duty to properly custody these assets rather than dismissing them through the standard Proceeds of Crime Act distribution.
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