Exponential Science, together with the UK Centre for Blockchain Technologies and the MiCA Crypto Alliance, submitted a detailed response to the FCA’s CP25/40 consultation on regulating crypto-asset activities. The response draws on academic research in market microstructure, financial risk, and systemic stability to address conflicts of interest, retail protection, execution quality, transparency calibration, settlement finality, and leverage risk. It provides evidence-based recommendations to support a resilient and proportionate UK crypto-asset regulatory framework.