The revised Financial Services and Markets Bill 2022-23 (FSM Bill) was published on 4 November 2022 following the Public Bill Committee stage where several amendments were introduced. In this article, Nick Price, Partner in the Disputes & Risk Team at Osborne Clarke, considers the potential impact of a last-minute amendment by HM Treasury to the FSM Bill, which could represent a change in approach to the regulation of cryptoassets that would bring all cryptoassets inside the regulatory perimeter.