US & UK Unite on Crypto Regs: A New Task Force
US & UK Form Joint Task Force on Crypto Regulation
The United States and the United Kingdom have announced the creation of a joint Transatlantic Taskforce. Its focus: closer collaboration on capital markets and, critically, digital assets.
Announced September 22nd by U.K. Chancellor of the Exchequer Rachel Reeves and U.S. Treasury Secretary Scott Bessent, the task force will include officials from HM Treasury, the U.S. Treasury, and financial regulators from both countries.
The task force has two primary goals:
- Developing aligned approaches to digital asset oversight.
- Exploring emerging opportunities in wholesale digital markets.
The group is expected to deliver recommendations within 180 days via the existing U.K.–U.S. Financial Regulatory Working Group, and will consult closely with the private sector.
"London and New York remain the twin pillars of global finance," said Reeves, emphasizing the need for alignment as technology transforms markets. Bessent echoed this, stating the initiative ensures financial innovation "does not stop at borders."
Crypto at the Forefront of Discussions
While the task force's mandate covers broader capital markets, digital assets are expected to be a central theme. Officials will consider both immediate actions, such as facilitating cross-border use cases during regulatory uncertainty, and long-term strategies for advancing wholesale digital market infrastructure.
Mark Aruliah, head of EMEA policy and regulatory affairs at Elliptic, commented, "With the creation of a joint U.K.-U.S. task force on capital markets and digital assets, we can expect meaningful developments on both sides of the Atlantic."
Aruliah suggested that while the U.S. has been proactive with a “pro-innovation agenda,” this task force “signals a strong intent to close that gap and position the U.K. more competitively.” The collaboration also validates the digital assets industry, fostering transparency and accountability, potentially establishing a global standard.
As the industry anticipates these regulatory shifts, platforms like Codeum remain dedicated to ensuring the security and compliance of blockchain projects. Our services, including smart contract audits and KYC solutions, are crucial for navigating this evolving landscape.