Cryptoassets and judicial oversight of regulatory decisions

Written by James Ramsden KC, and co-founder of Astraea Group

Effective judicial oversight is an essential element of any advanced regulatory regime. It promotes the proper application and interpretation of regulatory rules and, in doing so, fosters better understanding and therefore better practices amongst regulators and regulated persons. Whilst cryptoasset regulation is in its early stages in the UK, judicial oversight of it has given rise to some developments of interest, and is useful to consider against reforms envisaged by the Financial Services and Markets Bill.

Judicial oversight of the FCA

Any public regulator in the UK will, as a matter of principle, be subject to oversight by the traditional courts by way of judicial review. However, it is common for advanced regulatory regimes to also include rules for incorporating specialist judicial oversight and tailored procedures that avoid the formality, delay and cost associated with the traditional courts. In the financial services context, it has long been the case that a wide range of deci…