U.S. and UK Advance Cooperation on Digital Assets and Capital Markets
The Transatlantic Taskforce for Markets of the Future, composed of the United States and the United Kingdom, released a set of recommendations to align their financial rules on digital assets and capital markets and issued a joint statement on stablecoins.
U.S. Treasury Secretary Scott Bessent and UK Chancellor of the Exchequer Rachel Reeves announced the Transatlantic Taskforce for Markets of the Future during President Donald Trump's UK state visit in September 2025. The taskforce issued 10 recommendations on digital assets and capital markets.
On digital assets, the taskforce: (i) announced a one-year private-sector-led group to test cross-border uses of tokenized assets, (ii) recommended that regulators seek to identify common approaches on tokenized assets, (iii) announced the development and publication of the joint statement on stablecoins, (iv) backed a "multi-money ecosystem" of stablecoins, tokenized deposits, and other forms of digital money, and (v) stated that the two countries would work to support the Basel Committee on Banking Supervision regarding the targeted review of cryptoasset standards that are future-proofed, technology-neutral, and evidence-based.
On capital markets, the taskforce: (vi) recommended that the SEC and the UK's Financial Conduct Authority ("FCA") explore options to facilitate cross-border capital raising, (vii) noted the SEC is weighing new rules for foreign private issuers with FCA input on UK issuers, (viii) said the two countries will explore opportunities for collaboration to support and improve transparency between their respective consolidated tapes, (ix) announced that the CFTC and FCA aim to turn temporary no-action relief for UK swap execution facilities into a longer-term "substituted compliance" arrangement, and (x) reaffirmed support for globally accepted accounting and auditing standards.
The taskforce also issued a joint statement on stablecoins, noting that well-regulated stablecoins can improve efficiency, competition, and cross-border payments. The joint statement also announced that the two countries would work toward a pathway for a stablecoin issued in one country to be used in the other.