Nikhil Rathi was the CEO of United Kingdom’s Financial Conduct Authority (or FCA), on Wednesday. issuedThe Treasury Committee was asked to comment on the potential risks from the highly-regulated cryptocurrency industry in the country.

Rathi is referring to the FCA’s Financial Services Compensation Scheme (or FSCS) which compensates consumers when financial institutions are unable to meet their claims, including bankruptcies and criminal schemes, as well as insurance breaches-of-contract. The proposed rules would prohibit the U.K. from making restitution for crypto investors that have been victim to fraud. An allegedly fraud cryptocurrency exchangeOder The decentralized finance rug pullsThese types of investments can be unregulated, or they operate in legal gray areas. There are more than 717 million poundsFSCS paid consumers in this year’s compensation for financial losses.