The UK and US have launched a joint regulatory task force for digital assets on Sept. 22, called the Transatlantic Taskforce for Markets of the Future.
The task force will report within 180 days to both finance ministries through the UK-US Financial Regulatory Working Group with recommendations on digital asset cooperation.
Officials from HM Treasury and US Treasury will chair the initiative, which includes representatives from both nations’ capital markets and digital asset regulators.
Treasury Secretary Scott Bessent met Chancellor Rachel Reeves at Downing Street last week to formalize the effort. The announcement confirms reports by the Financial Times from Sept. 16 about a potential transatlantic crypto collaboration.
The cooperation announcement happens one week after the Bank of England proposed caps on the stablecoin amounts that banks are allowed to hold, pressing on thresholds discussed in November 2023.
Areas of interest
The collaboration targets three core areas: short-to-medium term digital asset coordination while regulatory frameworks develop, long-term cooperation opportunities, and wholesale digital markets innovation.
The taskforce will also explore methods to improve capital market links between both countries, focusing on reducing compliance burdens for UK and US firms raising cross-border capital.
Industry experts will provide input to ensure recommendations address sector priorities. The partnership builds on the historic financial relationship between London and New York as global financial hubs while addressing technological transformation in markets.
Both treasury departments acknowledged the need for coordinated approaches as digital asset legislation develops across jurisdictions.
First bilateral cooperation
The task force represents the first formal bilateral crypto regulatory cooperation between the world’s two largest financial centers.
According to the Treasury announcement, the collaboration aims to “unlock opportunities for investors, businesses, and market participants on both sides of the Atlantic” while maintaining regulatory oversight of digital asset activities.
The initiative addresses market participant concerns about fragmented regulatory approaches that complicate cross-border digital asset operations.
The 180-day timeline positions both governments to deliver concrete regulatory recommendations before mid-2026, when several key digital asset regulatory frameworks are expected to take effect globally.