The United Kingdom and the United States of America have announced the launch of a transatlantic working group for future markets, which will address cooperation on the regulation of digital assets and the development of capital markets. The main goal of this initiative is to enhance coordination on crypto regulation between the two countries and to remove barriers to cross-border capital raising.
This is reported by Finway
Key Tasks and Composition of the New Working Group
UK Finance Minister Rachel Reeves and US Treasury Secretary Scott Bessen agreed to establish the joint group following talks in London that took place ahead of the state visit by US President Donald Trump. According to a statement from the UK Treasury, the group will focus on developing short- and medium-term strategies for cooperation on digital assets, as legislative and regulatory frameworks are still being established.
The working group will include representatives from the finance ministries of both countries, as well as regulators responsible for capital markets and the regulation of digital assets. The first round of recommendations for improving cooperation and regulation is expected to be published within 180 days.
- The group aims to reduce barriers for British and American companies engaged in cross-border capital raising.
- Particular attention will be given to the development of the cryptocurrency market and the harmonization of approaches to regulating digital assets.
Context and Reaction to the Initiative
The formation of the joint group comes amid London’s efforts to restore the attractiveness of its financial markets following a significant outflow of companies to New York. In the US, there is active support for the crypto industry from the Trump administration. Specifically, Washington has appointed officials loyal to digital assets to key positions, such as SEC Chair Paul Atkins and the head of the House Financial Services Committee, French Hill.
Additionally, under the new US administration, several lawsuits against leading cryptocurrency companies, including Robinhood, Uniswap, Consensys, Coinbase, Kraken, and Yuga Labs, have been dropped, and a law on stablecoins has been passed.
In the UK, the approach to regulating digital assets has faced criticism. Former Chancellor George Osborne warned that the country risks being “in the slow lane” and losing its position in the global financial revolution, similar to the reforms of the 1980s.
In professional circles, the news of the establishment of the working group has been received as a confirmation of confidence in the UK economy and the prospects of the crypto market. In particular, the UK Business Association for Crypto Assets stated:
“This is a clear indication of the US’s confidence in the UK economy. If done right, it could provide a powerful boost to the City and the transatlantic economy.”
At the same time, the UK financial regulator recently announced the implementation of exemptions for crypto companies, allowing them to operate under simplified rules.
Furthermore, the UK and the US recently signed the “Technology Prosperity Agreement,” which outlines joint development projects in the fields of artificial intelligence, quantum computing, and nuclear energy.