US, UK Authorities to Form Digital Asset Task Force

Treasury authorities within the US and UK have introduced the formation of a transatlantic process power to discover “short-to-medium time period collaboration on digital belongings.”

In Monday notices, the US Treasury Division and HM Treasury said the cross-country effort, happening by way of the already established UK-US Monetary Regulatory Working Group, would launch a report with suggestions inside 180 days.

The brand new process power, referred to as the Transatlantic Taskforce for Markets of the Future, will contemplate crypto legal guidelines and rules in addition to how the 2 nations can collaborate on “wholesale digital markets innovation.”

The announcement follows a Financial Times report on a gathering final week between UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent on how the 2 nations might work collectively on crypto regulation.

The dialogue reportedly included representatives from a number of cryptocurrency firms. On the similar time, the duty power mentioned on Monday that it ought to “search enter from main trade consultants to make sure that its suggestions are knowledgeable by what issues most to trade.”

The US Treasury didn’t explicitly state whether or not the duty power formation was associated to any crypto-related laws in Congress, such because the legislation to ascertain a framework for cost stablecoins, the GENIUS Act. Underneath the invoice, signed into legislation in July, the US Treasury Division is required to draft regulations with the Federal Reserve earlier than implementation.

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Cryptocurrency change Coinbase shared the US-UK announcement on its weblog on Monday, saying it was “proud” to assist the partnership. Daniel Seifert, the change’s vp and regional managing director for Europe, the Center East and Africa, was current within the discussions between Reeves and Bessent, in response to a spokesperson for Coinbase.

Comparable approaches to crypto regulation?

The US and UK have each taken steps to handle regulatory points affecting digital belongings and corporations dealing with them in 2025. UK Prime Minister Keir Starmer met with US President Donald Trump final week, signing a memorandum of understanding to discover the event of applied sciences, together with synthetic intelligence, although the deal just isn’t legally binding.