Transatlantic Task Force for Future Markets (TTMF) has published recommendations on how the US and UK can cooperate on digital asset regulation.
The initiative was part of the President Donald Trump’s Visit to the UK in September 2025. Today, the Task Force offers two countries’ perspective on what to do. “They will leverage their position 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 Minister of Finance. Rachel Reevesand the US Secretary of the Treasury, Scott Bessant,
The aim is to improve cross-border connectivity, reduce fragmentation, and increase the adoption of tokenization.
Legislation enabling digital asset innovation in the US has been approved or is in the works. The UK also includes updated rules to ensure consumer protection and support crypto innovation.
Coinbase Head of European Policy, Katie Harris, made evaluations regarding the suggestions.
“The recommendations of the Transatlantic Task Force present a tremendous opportunity for two leading financial centers to reimagine global capital markets through tokenization. It is great to see support for stablecoins as a critical cross-border on-chain payment asset, as well as a commitment to regulatory alignment between digital assets and tokenized markets. The United States is turning to decentralized finance to fully realize the benefits of tokenization, and this is a critical moment for transatlantic cooperation on the next generation of on-chain financial infrastructure.”
HM Undersecretariat of Treasury And US Treasury Department He stated that they will continue to communicate with private companies regarding digital assets and capital markets.
Many in the industry expect a shift to digital finance, where the inherent friction in financial services can be reduced while providing better services and better access to opportunities. At the same time, existing rules are not necessarily suitable for the digital future. While challenges exist, both jurisdictions are committed to embracing the benefits while recognizing the need to balance systemic concerns and the potential for abuse. The aligned approach of two leading financial centers will help guide global adoption and regulation.
The recommendations are republished below.
Suggestion 1
The UK and US plan to engage with a private sector-led group focused on industry experimentation and testing of cross-border use cases for tokenized assets and sharing of best practices. The contract will be established for one year; UK and US officials will engage with industry on the most suitable structure. The group may seek to address questions related to encouraging greater adoption of digital and tokenized assets in transatlantic markets, including considering the regulatory clarity required to enable specific use cases and the technical standards required 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 define common approaches to the regulatory treatment of tokenised assets, covering areas such as settlement certainty of tokenised securities transactions and the potential suitability and use of stablecoins and tokenised money market funds as margin collateral at central counterparties. To encourage such joint approaches and provide the regulatory clarity needed to support market development for digital assets and tokenization in a timely manner, the UK and US will consider increasing the use of flexible regulatory mechanisms, as appropriate.
Recommendation 3
The UK and US are developing and publishing a joint statement on stablecoins, recognizing the importance of promoting a dynamic stablecoin market across borders and seeking regulatory alignment and ongoing dialogue to support this. This joint statement does not replace or assume the results of ongoing regulatory processes.
Recommendation 4
The UK and US will support financial innovation through robust policy frameworks for digital financial services, where stablecoins, tokenized deposits and other forms of digital money can co-exist as part of a multi-currency ecosystem to benefit consumers and businesses.
Recommendation 5
The UK and US will work to support the targeted review of standards for the prudential treatment of cryptoassets by the Basel Committee on Banking Supervision, ensuring standards are future-proof, technology-neutral and evidence-based. In this context, the UK and US will identify areas of alignment as part of these international engagements to help promote global coherence.
Capital Markets
As home to two of the world’s largest financial centres, the United Kingdom and the United States have vibrant and dynamic capital markets, and the recommendations below reflect opportunities to further deepen the strong links between our capital markets. These are targeted reforms set to reduce cross-border frictions between the UK and US markets and represent pragmatic steps to collectively strengthen our markets and boost the growth and competitiveness of the UK and US economies.
Recommendation 6
FCA and SEC staff will explore options to facilitate cross-border capital raising. The FCA and SEC will jointly consider potential actions at staff level that will provide clarity to market participants and address frictions or barriers to cross-border capital raising, and report on progress through the FRWG.
Recommendation 7
Following the SEC’s Foreign Private Issuer (FPI) Concept Release in June 2025, the SEC staff is considering recommendations to the Commission regarding proposed rulemaking regarding reforms under the FPI framework. In developing its recommendations, staff will take the FCA’s views into account when considering how the UK’s established regulatory, disclosure and governance standards should be reflected in the treatment of UK FPIs.
Recommendation 8
As unified tapes come into force in the UK, the FCA and SEC will explore opportunities for collaboration to support and improve transparency between relevant tapes.
Recommendation 9
The CFTC and FCA intend to explore converting the current temporary inaction relief for UK Swap Enforcement Facilities into longer-term replacement compliance determination, before the expiry date. Accordingly, the CFTC and FCA also intend to evaluate the efficiency and effectiveness of existing supervisory cooperation arrangements and consider the development of practical updates to reflect modern regulatory standards.
Recommendation 10
The United Kingdom and the United States reaffirm our shared commitment to high-quality, proportionate, globally accepted accounting and auditing standards that serve the needs of investors and other market participants and promote 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 cooperate with international efforts to protect accounting and auditing quality by strengthening relevant standard-setting bodies.
