- The U.S. and U.K. have formed a joint taskforce to improve cooperation on capital markets and digital assets.
- The group includes officials from HM Treasury, the U.S. Treasury, and market regulators.
- Primary goals include developing new approaches to digital asset oversight and exploring wholesale digital market opportunities.
- The taskforce will deliver recommendations within 180 days through the existing U.K.–U.S. Financial Regulatory Working Group.
- Digital assets, including cryptocurrencies, are expected to be a main focus of the initiative.
U.K. Chancellor of the Exchequer Rachel Reeves and U.S. Treasury Secretary Scott Bessent announced on September 22 that the two nations have launched a joint Transatlantic Taskforce. The taskforce brings together officials from HM Treasury, the U.S. Treasury, and market regulators from both the U.S. and U.K. Its purpose is to strengthen cooperation in areas relating to capital markets and digital assets.
The taskforce aims to create shared approaches to overseeing digital assets and to identify new opportunities in wholesale digital markets. According to the official statement, the group will report its findings and detailed recommendations within 180 days through the already-established U.K.–U.S. Financial Regulatory Working Group. The process will include input from private industry stakeholders.
Reeves said, “London and New York remain the twin pillars of global finance,” and emphasized the need for closer alignment as technology changes markets. Bessent echoed this view, describing the move as a commitment to ensuring financial innovation is not limited by national boundaries. Officials will also consider both short-term measures—such as making cross-border projects easier while regulations are still evolving—and long-term plans for advancing the infrastructure of digital financial markets.
Mark Aruliah, head of policy and regulatory affairs for EMEA at Elliptic, suggested that the new taskforce represents a step toward closing the innovation gap and boosting the U.K.’s competitive position in digital finance. Aruliah called the project “a strong intent to close that gap and position the U.K. more competitively.” He pointed out that this coordination could set standards for transparency and accountability in the digital asset industry, possibly becoming a global model if other nations follow suit.
While the taskforce’s duties cover both traditional and digital markets, statements from involved officials and industry leaders make clear that digital assets such as cryptocurrencies will likely be the main area of focus. For more details, see the official government announcement.
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