Speaking at the Finance Magnates London Summit(FMLS:25), former MP and UK-US Crypto Alliance founder Dr Lisa Cameron warnedthat the UK risks forfeiting its ambition to be a crypto hub unless lawmakersmove faster on regulation and education. She described how, when she first examined cryptopolicy in 2021, there had been “no debates or mentions” of cryptocurrency inthe House of Commons despite almost four million UK citizens already engagingwith digital assets under Financial Conduct Authority estimates.Parliament Behind Public and Even ChildrenCameron, a clinical psychologist by training and thefirst in that profession elected to Westminster, recounted that her journeyinto digital assets began when a constituent approached her in 2021 afterlosing significant funds in a crypto scam and seeking redress.“Well, we had had no debates or mentions in the Houseof Commons in 2021 through a debate process of cryptocurrency. So, I thought tomyself, perhaps my constituent's experience is out of the ordinary.” “And then I went to look at the research, and I wasastounded to find out that in 2021, almost 4 million people in the UK werealready engaged in cryptocurrency, and either trading or engaged in the sector,according to the FCA figures.”Building a Crypto Literacy Base inWestminsterTo address that gap, Cameron launched the firstAll-Party Parliamentary Group (APPG) on Cryptocurrency and Digital Assets inthe Commons in 2021 and chaired it for four years, focusing initially on basiceducation for MPs and peers.“I had so many businesses come to meet with us, tomeet with the parliamentarians. I remember we had an uphill struggle in ourlearning and in thinking about the industry itself. We even had cowboys come tothe Parliament, and I mean actually dressed as cowboys.”The APPG nonetheless ramped up teach-ins through2021–22, bringing in industry experts to decode jargon and help MPs simplyunderstand what they were being lobbied about.From Zero Mentions to Political PriorityBy 2023–24, research by advisory firm Greengage showedthat parliamentary references to cryptocurrency and digital assets had climbedfrom zero mentions in 2021 to more than 200, much of it driven by the APPG’swork. Cameron said the growing volume of debates andquestions, often directed at City Minister Andrew Griffith, began to forcedepartments to develop positions and technical understanding, gradually movingcrypto up the policy agenda.Related: FMLS:25: MetaQuotes Launches New MT5 Matching Engine, Promising Speed and Broker Control“By that point, I think the Minister, the CityMinister, who was Andrew Griffiths at the time, was a bit sick of me lodgingfor debates on crypto and asking him questions because his department had tokeep going and finding out information.”“But I think we were all learning and it was a very,very exceptional time to take things forward. Of course, at the time, PrimeMinister Rishi Sunak said that he wanted the UK to be a crypto hub.”Jurisdictional Competition and the UK-USSandboxCameron stressed that the UK cannot view itsregulatory choices in isolation, pointing to Dubai’s Virtual Assets RegulatoryAuthority (VARA) and Singapore as examples of jurisdictions that have drawnfirms by pairing innovation with clear guardrails. She said the more balanced approach to compliance andconsumer protection in the UAE had already prompted a “stream of companies” torelocate there, a trend she believes has continued.“So, in the past year, since stepping down fromparliament, I've become chair of the UK-US Crypto Alliance, and we've hadmembers of parliament, House of Lords, out to Washington to speak with theCrypto Task Force, there with Commissioner Pearce and Chair Atkins, to speak abouta UK-US sandbox, which is now being worked on, a joint sandbox between both”Call for ‘Light-Touch’ Rules – withGuardrailsLooking ahead, Cameron said the UK is watching USlegislative efforts such as the proposed GENIUS Act and the Clarity Act as itconsiders its own next steps after financial services and promotion rulesaffecting crypto. She argued that Britain should consider a “lighttouch” framework that allows innovators to “do their thing within guardrails”,with consumer protection at the core but without stifling entrepreneurship,investment and growth.“The UK should be pivoting towards a light touchregulatory framework, allowing the innovators to do their thing withinguardrails, of course. And making sure that we, of course, have consumerprotection at the core, but that we try to enable entrepreneurship, investment,growth and innovation in the UK.” “And I'm just back from Singapore, which is anotherjurisdiction which I think is very much at the forefront of progress in thisindustry. So, for the next year, what I want to do is make sure that members ofthe Parliament and the members of the House of Lords have access to information,not just about what we're doing here, but about cross-jurisdictional progressthat's being made.”Industry urged to engage MPs directlyOne of Cameron’s strongest messages to the FMLSaudience was that industry cannot outsource engagement to lobby groups alone.She asked attendees how many had contacted their own MP about their digitalassets work and found only a handful of hands raised. She urged firms to attend all-party groups on crypto,blockchain, digital money and fintech, and to use constituency surgeries toexplain where jobs, skills and future growth are emerging.More interviews from FMLS:25: “MENA’s Digital Banking Challenge Isn’t Demand; It’s the Restrictive Infrastructure,” Jas Shah at FMLS:25“And first of all, I went off to Zug, to CryptoValley, courtesy of the Swiss Embassy, who were very keen that I engaged withtheir legislators to find out how they were beginning to put their regulatoryprocesses together.” A Generational Mandate from the‘Children’s Parliament’Perhaps the most striking anecdote came from a sessionwith the UK’s Children’s Parliament, where representatives aged roughly sevento 15 met MPs, peers and industry figures, including a Roblox executive. It also reinforced her view that Parliament has a dutyto design regulatory and education systems that create future-facing jobsrather than replicating traditional career paths such as “doctor or lawyer”.“And what I would leave you with is in our learning,not only were we way behind on jargon, way behind on the industry itself, waybehind on blockchain technology and Web3 and most of those issues in 2021, butwhen the Children's Parliament came to speak to us, now we have a Children'sParliament across the UK, children aged from around seven or eight up to 15representing their constituencies across the United Kingdom who come to tell uswhat's important to them.”A Race Against a Closing WindowCameron closed by warning that there is a “window ofopportunity” for the UK to shape on-chain innovation that is already beginningto narrow as other centers move faster. She plans to continue briefing legislators in Spain,the EU, Italy, Germany, Singapore and the US over the next year to giveWestminster a clearer picture of where Britain stands in the global hierarchy –and what changes are needed to catch up.Her appeal to the FMLS audience was blunt: ifinnovators want to build a future “made in the UK”, they must help educate thepoliticians who will decide whether those businesses stay in Britain or goelsewhere.This article was written by Jared Kirui at www.financemagnates.com.