HM Treasury and the United States Treasury have published the initial recommendations of the Transatlantic Taskforce for Markets of the Future, setting out a UK-US agenda to deepen financial services cooperation in digital assets and capital markets. The package is aimed at reducing cross-border fragmentation, improving connectivity between the two markets and accelerating tokenisation. Alongside the recommendations, the two governments issued a joint statement on stablecoins that seeks greater convergence between their developing domestic regimes and a clearer pathway for cross-border stablecoin activity. On digital assets, the recommendations call for a one-year private sector-led group to test cross-border tokenised asset use cases and share best practices. UK and US authorities, including the Bank of England, the Commodity Futures Trading Commission, the Financial Conduct Authority and the Securities and Exchange Commission, will seek common approaches to the regulatory treatment of tokenised assets, including settlement finality and whether stablecoins and tokenised money market funds could be used as margin collateral at central counterparties. The stablecoin statement says stablecoins presented as money should be fully backed on at least a one-to-one basis by high-quality liquid assets, with clear standards on reserves, custody, segregation, redemption and cross-border insolvency coordination. It also says the two jurisdictions intend to avoid disproportionate reserve or ring-fencing requirements that could fragment markets, and to explore a pathway for stablecoins issued in one jurisdiction to access the other. On capital markets, the recommendations cover staff-level work by the Financial Conduct Authority and the Securities and Exchange Commission on easing cross-border capital raising, Securities and Exchange Commission consideration of Financial Conduct Authority views in possible reforms to the Foreign Private Issuer framework, cooperation on consolidated tapes, and work by the Commodity Futures Trading Commission and the Financial Conduct Authority on converting temporary no-action relief for UK Swap Execution Facilities into a longer-term substituted compliance determination before that relief expires. Progress on the recommendations will be reported through the UK-US Financial Regulatory Working Group.
HM Treasury2026-07-14
HM Treasury and United States Treasury publish initial UK-US taskforce recommendations on digital assets and capital markets, alongside a joint stablecoin statement
HM Treasury and the United States Treasury published initial UK-US taskforce recommendations to deepen cooperation on digital assets and capital markets, and issued a joint stablecoin statement. The package focuses on cross-border tokenisation, regulatory alignment, capital raising and market infrastructure, while the stablecoin statement backs one-to-one high-quality liquid asset reserves and a pathway for cross-border market access. Progress will be reported through the UK-US Financial Regulatory Working Group.