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Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 4 May 2021
  6. Current session: 13 May 2021 to 2 February 2026
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Displaying 1970 contributions

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Finance and Public Administration Committee [Draft]

Budget Scrutiny 2026-27 (United Kingdom Context)

Meeting date: 16 December 2025

Michelle Thomson

The other area where the jungle drums are carrying on and there is at least a possibility of it happening is in relation to a sovereign debt crisis—which continues to remain a possibility, particularly when we look at debt to GDP ratios. What are your latest reflections on that?

Finance and Public Administration Committee [Draft]

Budget Scrutiny 2026-27 (United Kingdom Context)

Meeting date: 16 December 2025

Michelle Thomson

A colleague of mine pointed out that the OBR and the Treasury have assumed that Whitehall departments will have zero underspend in 2028-29, which is completely unrealistic. That was generally picked up on across the board, was it not? Do you have any sense of whether that position is just more smoke and mirrors?

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 10 December 2025

Michelle Thomson

Of course, guidance will also allow lawyers to do what they do best. [Laughter.] There was a lot of laughter there, but I was making no comment on what people think that lawyers do best. I simply meant that it might allow lawyers to interrogate individual scenarios as they emerge to enable the formation of precedent.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 10 December 2025

Michelle Thomson

Framing the bill in such a way allows for the recognition of that uncertainty, because we are where we are. Thank you very much.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 10 December 2025

Michelle Thomson

Perhaps we could return to the issue of tokenisation, which we have already skirted around and which was led off by Greg McLardie. Last week, we heard evidence from Professor Buchanan, who broadly explained the three types of tokens: payment tokens, utility tokens and security tokens. We can regard carbon credit, for example, as either a utility token or a security token.

My question is bigger than that, though. To what extent is it an issue that the bill is mute on tokenisation, bearing in mind the speed of change in that area? Is the prevailing approach a sensible one? In that case, I suppose that we should bear in mind that modifications will need to be made in relatively short order. Is it better to have something instead of nothing, or is it a serious issue that the bill is mute on tokenisation?

I will put that to Greg first.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 10 December 2025

Michelle Thomson

Professor Robbie, what role do you see for guidance on the bill as situations emerge? There will be a sweet spot between taking that sensible approach of framing the bill as a step—to protect the innocents, as Greg McLardie said—and realising that the bill will also need utility in a fast-changing environment. I would appreciate your additional reflections on that.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 10 December 2025

Michelle Thomson

That was a very positive endorsement.

Professor Schafer, do you want to come in? To what extent does not considering tokenisation create a gap in the bill? Do you concur with Greg’s view?

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Michelle Thomson

Good morning. I am really enjoying the conversation. Before I get on to my main questions, I ask you to indulge me. I have listened to the conversation carefully, and I understand why this particular route has been chosen—lawyers understand the law, the roots of which go back to Roman law and so on, and we are now trying to bolt on technology.

Could I have some brief reflections on the risks around generative AI? You made me think of that, Professor Buchanan, when immutability was discussed. I think that we are clear about what happens when someone changes something in the ledger, but what about when a thing changes something in the ledger? Although the bill has a purpose and is probably a good starting place, we all understand that we cannot possibly begin to bolt on something in legislation without butting against such situations quite quickly, given the exponential speed of growth in AI.

I would appreciate your indulging me in some reflections on that, Professor Buchanan, because what we are exploring here is whether we have the level right—that is really what I am asking.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Michelle Thomson

Thank you for that. I do not want to indulge myself too much and go too far off topic, but I would like to get Jamie Gray’s perspective. The trick will be to have the best legal brains—we had Lord Hodge before the committee last week; you do not get better than that—aligned with the best technological brains.

I used the example of immutability because that is utterly fundamental to the framework that we are trying to develop; it goes back to first principles of law. From your perspective, Jamie, are we doing enough to get the framing right, and gelling together the best legal and tech brains?

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Michelle Thomson

Professor Buchanan, you mentioned trust. I agree that trust—in Scotland as a place to do business, in Scots as people to do business with, and in our fintech sector—is definitely a door opener; it brings in economic trade and benefit.

Considering where we are at present, there is a need for legal certainty, although we accept that that will not, and cannot, be perfect. Do you think that the bill will bring further, if not complete, legal certainty that will—critically—bring economic advantage? Will it enable businesses elsewhere to think, “Well, there is at least a framing”, even if there is no legal precedent, which we cannot have yet? Is it a door opener for economic opportunity, in other words?