The UK's Culture, Media, and Sports Committee has expressed concerns regarding the endorsement of crypto assets and fan tokens in professional sports, raising alarms about the potential financial harm that could befall supporters.

According to their recent statement, "The promotion of crypto assets in professional sport is putting supporters at risk of financial harm and potentially damaging the reputations of clubs."

The committee has outright rejected the idea of using fan tokens in sports as a legitimate means of engagement. They fear that such practices could lead to financial harm for sports enthusiasts who participate in these schemes.

In light of these concerns, the group has called on the UK government to tighten regulations on promoting these projects across all levels.

Additionally, they are urging the government to ban the use of fan tokens in football as a measure of a club's engagement with its supporters.