UK and US Form Crypto Task Force to Shape Global Digital Assets Rules

The United Kingdom and the United States have announced the creation of a joint task force aimed at strengthening cooperation on digital asset regulation and capital markets.

The initiative, called the Transatlantic Taskforce for Markets of the Future, was unveiled last week during U.S. President Donald Trump’s state visit to the UK, marking a significant step toward closer alignment between the world’s two largest financial hubs.

Transatlantic Crypto Task Force Targets Unified Approach to Digital Asset Regulation

According to a statement from the UK government, the task force will focus on enhancing collaboration across capital markets while laying the groundwork for a unified approach to digital assets.

It will explore short- and medium-term options for cooperation while legislation and regulatory regimes continue to develop, as well as long-term opportunities to advance wholesale digital market innovation.

The announcement followed a high-level meeting in London between UK Chancellor of the Exchequer Rachel Reeves and U.S. Treasury Secretary Scott Bessent.

The meeting hosted on September 17 was also attended by executives from major crypto firms, including Coinbase, Circle, and Ripple, alongside global banks such as Citi, Bank of America, and Barclays.

Both governments said the initiative shows their commitment to ensuring capital markets remain competitive and open while adapting to the rapid pace of technological change.

The task force will be chaired jointly by officials from HM Treasury and the U.S. Treasury, with participation from regulators including the Financial Conduct Authority (FCA) and the Securities and Exchange Commission (SEC).

It is expected to report back to both finance ministries through the UK–US Financial Regulatory Working Group within 180 days. Industry experts will also be consulted to ensure recommendations reflect the priorities of businesses and investors.

Key areas under review include the interoperability of regulatory frameworks, particularly around asset custody, anti-money laundering standards, and stablecoin oversight.

Stablecoins are expected to be a central focus, with officials noting that aligning UK rules with U.S. standards could improve cross-border access for firms and draw more American investment into Britain’s financial sector.

The move comes as the UK faces pressure to remain competitive in global finance amid concerns about companies shifting listings to U.S. markets in search of higher valuations.

For Washington, the initiative reflects the Trump administration’s push toward technology-neutral digital asset regulation, a stance intended to accelerate innovation while maintaining financial stability.

Recent months have seen increasing calls from industry groups on both sides of the Atlantic for governments to provide clarity on digital asset regulation.

Sources familiar with the London discussions said the agreement was finalized at short notice, following letters from crypto associations urging the UK to prioritize digital assets during Trump’s visit.

By strengthening transatlantic ties, the task force aims to reduce burdens for UK and U.S. firms raising capital across borders while laying the foundation for a coordinated approach to digital assets.

Officials said the initiative reaffirms the “deep and historic connection” between the two economies and represents a milestone in preparing markets for the next phase of financial innovation.

At the time of the announcement, both governments emphasized that stability, trust, and innovation would guide the group’s work, with the first set of recommendations expected in early 2026.

Chainalysis Ranks U.S. Second in Adoption as UK Pushes Faster Crypto Approvals

The launch of the UK–US crypto task force comes as both countries advance their domestic approaches to digital asset regulation.

The latest Chainalysis Global Crypto Adoption Index ranks the United States second worldwide, reflecting strong institutional participation and momentum from regulatory progress.

The UK stands at 11th but remains one of the largest global hubs, serving as Coinbase’s second-biggest market after the U.S. Industry heavyweights have poured investment into London while lobbying for clearer rules.

Britain’s FCA has recently accelerated reviews, cutting approval times by two-thirds. Since April, five firms, including BlackRock and Standard Chartered, have received registration, lifting approval rates to 45% compared to less than 15% over the past five years.

Still, applications have declined as stricter rules take hold, dropping from 46 in 2022–23 to 26 in 2024–25.

Further tightening is underway. From January 2026, crypto platforms must collect detailed customer information on every trade, in line with the OECD’s global reporting framework.

The FCA is also consulting on whether crypto firms should face the same standards as banks, including governance, financial crime controls, and consumer protection duties.

Across the Atlantic, in the U.S., lawmakers are considering a Strategic Bitcoin Reserve. Congress is reviewing a bill requiring the Treasury to assess the feasibility of a Strategic Bitcoin Reserve, drawing on the government’s holdings of up to 207,000 BTC seized from cybercrime cases.

Meanwhile, the White House hosted its first crypto summit, underscoring efforts to embed digital assets within the U.S. financial system.

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