On January 10th, according to CryptoSlate, the UK Treasury has made amendments to the Financial Services and Markets Act (FSMA), which will come into force on January 31st, to exclude cryptocurrency pledges from the classification of collective investment schemes. Under this change, pledges in ETH and SOL will be treated solely as blockchain verification processes and will no longer be subject to the regulatory requirements applicable to collective investment schemes. Previously, there was a risk of pledges being classified as traditional pooled investment vehicles due to vague regulatory definitions, which were subject to stricter FSMA regulations. The amendments make it clear that pledges involve participants locking up cryptocurrencies to validate blockchain transactions and ensure cyber security, which is essentially different from pooled investment schemes and requires a tailored regulatory framework. Bill Hughes, a lawyer for ConsenSys, welcomed the move as an important step for the industry, stressing that UK law has traditionally taken a tough regulatory approach to pooled investment schemes, which could hamper the industry. Notably, the move is in line with the UK's broader strategy of promoting innovation in the cryptocurrency space while maintaining appropriate regulation to protect market participants.