Markets of the Future: UK & US Establish Taskforce
HM Treasury has announced a collaboration with the US Department of the Treasury to form a Transatlantic Taskforce for Markets of the Future.
US Treasury Secretary Scott Bessent joined UK Chancellor of the Exchequer Rachel Reeves for a roundtable discussion with industry partners, including Coinbase, at Downing Street.
Technological advances at the forefront of the deal
The US is the UK’s largest bilateral trading partner.
In the spirit of continuing the long-standing connection between the UK and US, the Taskforce will report its recommendations to both ministries via the UK-US Financial Regulatory Working Group (FRWG).
The Taskforce will provide recommendations for collaboration on capital markets, in addition to recommendations enhancing digital assets and other financial activities.
Industry partners such as Coinbase will be involved in the consulting process to best promote opportunities for investors, businesses and market participants.
Ripple and Circle were also mentioned in previous briefings as industry experts with insights on tokenisation and stablecoins.
Keith Grose, Senior Country Director UK at Coinbase, says: "The US-UK relationship has long been a cornerstone of global progress, and today, it stands at a pivotal moment.
"With the announcement of the Transatlantic Taskforce for Markets of the Future, the two nations are poised to lead the world in transforming financial systems for the 21st century.
"Coinbase is proud to support this historic partnership, working alongside leading financial institutions and fintech innovators to shape the future of global capital markets."
Officials of both HM Treasury and US Treasury will chair the Taskforce, and will be joined by capital markets experts.
Their role includes sounding industry recommendations to best serve the needs of financial organisations on both sides of the Atlantic.
Daniel Seifert, Vice President & Regional Managing Director, EMEA at Coinbase, notes: "Coinbase applauds the Transatlantic Taskforce for Markets of the Future.
"Together, these two nations can unlock deeper liquidity, broader financial participation, and new capital for businesses, driving innovation, growth, and financial inclusion.
"Coinbase is proud to invest in this partnership and help shape the next era of digital finance.
"We were also pleased to join last week's roundtable with the Chancellor and US Treasury Secretary to discuss the future of capital markets and the role of tokenisation in strengthening the UK’s position as a global financial hub.
"With crypto’s inclusion in the new Task Force, we can put the UK’s ambition to be a global financial powerhouse geared for the future into action."
The Taskforce’s main aims are to explore options of a short to medium term collaboration on digital assets while supporting legislation is still developing.
Options for long-term collaborations will also be explored by the Taskforce, with additional opportunities for wholesale innovation in digital markets.
The Taskforce is due to report on its findings within a period of 180 days.
It will also report on its findings regarding options to further improve competition and growth in US and UK capital markets, with a specific focus on challenges faced by UK and US firms raising cross-border funds.
Anil Oncu, CEO of payment solution provider Bitpace, comments: “The creation of a joint UK-US task force on capital markets and digital assets marks an important step forward, but also highlights the urgency for Britain to accelerate its approach to digital finance.
"In the US, regulatory clarity and political momentum have created the conditions for innovation to flourish, particularly around stablecoins and crypto infrastructure. That has given businesses and investors the confidence they need to commit at scale.
“In the UK, there has been a more measured approach to regulation and policy, but careful oversight doesn’t need to mean inaction. It is possible to design a regulatory framework that protects the financial system and, at the same time, enables the benefits of digital innovation to be realised.
"Stablecoins are a good example: with the right guardrails, they can facilitate faster payments, reduce cross-border costs, and expand access to financial services for individuals and businesses that are currently underserved."
“This task force could be the moment where the UK moves from consultation to action. With balanced and forward-looking regulation, the UK can strengthen its competitiveness and ensure digital finance delivers credible consumer protection, proportionate prudential rules and an interoperable framework that welcomes compliant overseas issuers.” Ancil notes.
