The Transatlantic Taskforce for Markets of the Future (TTMF) has published recommendations as to how the US and the UK can collaborate on digital asset regulation.
The initiative was part of President Donald Trump’s visit to the UK in September 2025. Today, the Taskforce is providing its perspective that the two nations should “leverage their positions as leading global financial centers to actively shape the development of digital asset markets and next-generation financial infrastructure.”
The initiative was announced by the Chancellor of the Exchequer, Rachel Reeves, and the US Secretary of the Treasury, Scott Bessent,
The goal is to improve cross‑border connectivity, reduce fragmentation, and boost the adoption of tokenization.
In the US, legislation has been approved or is in the works to enable digital asset innovation. The UK is also incorporating updated rules to ensure consumer protection and support crypto innovation.
Coinbase’s Head of Policy for Europe, Katie Harries, commented on the recommendations.
“The Transatlantic Taskforce’s recommendations present a tremendous opportunity for the two leading financial centres to reimagine global capital markets through tokenisation. It’s fantastic to see support for stablecoins as the crucial cross-border onchain settlement asset, as well as a commitment to regulatory alignment across digital assets and tokenised markets. The US is leaning into decentralised finance to fully unlock the benefits of tokenisation, and this is a critical moment for transatlantic cooperation on next-generation onchain financial infrastructure.”
HM Treasury and the US Department of the Treasury stated they will continue to engage with the private firms on digital assets and capital markets.
Most industry insiders anticipate a transition to digital finance, in which the intrinsic friction in financial services can be reduced while enabling better services and improved access to opportunities. At the same time, existing rules are not necessarily fit for the digital future. While challenges exist, both jurisdictions are committed to embracing the benefits while recognizing the need for balance regarding systemic concerns and potential for abuse. A cohesive approach by the two leading financial centers will help guide global adoption and regulation.
The recommendations are republished below.
Recommendation 1
The UK and the United States intend to engage a private-sector-led group focused on industry experimentation and testing of cross-border use cases for tokenized assets, and on sharing best practices. The engagement will be established on a one-year basis; UK and US officials will engage with industry on the optimal structure. The group may seek to address questions related to fostering greater adoption of digital and tokenized assets in transatlantic markets, including consideration of the regulatory clarity needed to enable specific use cases and the technical standards needed to support the development of the broader tokenized finance ecosystem.
Recommendation 2
UK and US authorities, including the Bank of England, the Commodity Futures Trading Commission (CFTC), the Financial Conduct Authority (FCA), and the Securities and Exchange Commission (SEC), will seek to identify common approaches to the regulatory treatment of tokenised assets, covering areas such as settlement finality of tokenised securities transactions and the potential eligibility and use of stablecoins and tokenised money market funds as margin collateral at central counterparties. To promote any such common approaches and deliver the timely regulatory clarity needed to support market development for digital assets and tokenization, the UK and the United States will consider increased use of flexible regulatory mechanisms, as appropriate.
Recommendation 3
The UK and the United States are developing and publishing a joint statement on stablecoins, recognizing the importance of fostering a dynamic stablecoin market across borders and seeking regulatory alignment and ongoing dialogue to support it. This joint statement will not supplant nor presuppose the outcomes of any ongoing regulatory processes.
Recommendation 4
The UK and the United States will support financial innovation through robust policy frameworks for digital financial services, in which stablecoins, tokenized deposits, and other forms of digital money can coexist as part of a multi-money ecosystem to deliver benefits for consumers and businesses.
Recommendation 5
The UK and the United States will work to support the targeted review of standards on the prudential treatment of cryptoassets by the Basel Committee on Banking Supervision, ensuring the standards are future-proof, technology-neutral, and evidence-based. In this respect, the UK and the United States will identify areas of alignment as part of these international engagements to help support global consistency.
Capital Markets
With two of the largest financial centres in the world, the UK and the United States have vibrant and dynamic capital markets, and the below recommendations reflect opportunities to deepen even further the strong links between our capital markets. They are targeted reforms identified to reduce cross-border frictions between UK and US markets, and they represent pragmatic steps toward collectively strengthening our markets and boosting the growth and competitiveness of the UK and US economies.
Recommendation 6
Staff from the FCA and the SEC will explore options to facilitate cross-border capital raising. The FCA and SEC will jointly assess potential staff-level actions that would provide clarity to market participants and address frictions or impediments to cross-border capital raising, reporting progress via the FRWG.
Recommendation 7
Following the SEC’s Foreign Private Issuer (FPI) Concept Release in June 2025, SEC staff are considering recommendations to the Commission regarding a proposed rulemaking on reforms to the FPI framework. In developing their recommendations, staff will consider the views of the FCA in assessing how the UK’s established regulatory, disclosure, and governance standards should be reflected in the treatment of UK FPIs.
Recommendation 8
As the UK consolidated tapes come into effect, the FCA and the SEC will explore opportunities for collaboration to support and enhance transparency between the respective tapes.
Recommendation 9
The CFTC and the FCA intend to explore converting existing temporary no-action relief for UK Swap Execution Facilities into a longer-term substituted compliance determination, before its expiry date. Relatedly, the CFTC and the FCA intend to also assess the efficiency and effectiveness of existing supervisory cooperation arrangements and consider the development of practical updates to reflect modern regulatory standards.
Recommendation 10
The UK and the United States reaffirm our shared commitment to high‑quality, proportionate, globally accepted accounting and auditing standards that serve the needs of the investor and other market participants and support transparent, comparable, and reliable financial reporting. Such standards play a critical role in strengthening confidence in global capital markets. The FCA, the Prudential Regulation Authority (PRA), the SEC, and other relevant authorities will collaborate with international efforts to maintain accounting and audit quality by strengthening relevant standard-setting bodies.