UK Crypto Advocacy Group Becomes Affiliate of Digital Chamber

CryptoUK, a cryptocurrency trade association based in the UK, has announced its membership in The Digital Chamber, a US advocacy group for crypto policy. This collaboration could signify important efforts toward digital asset regulation cooperation between the two nations.

In a notice issued on Tuesday, CryptoUK stated that its team will operate under The Digital Chamber’s framework as a part of a “cohesive, cross-border advocacy initiative.” Both organizations have been active in their countries to endorse policies that support the cryptocurrency and blockchain sector, with The Digital Chamber being founded in 2014 and CryptoUK in 2018.

“CryptoUK has consistently aimed to ensure our actions are driven by policy-related issues, collaboration among members, and engagement with regulators,” said Su Carpenter, the executive director of CryptoUK.

The collaboration between the two advocacy groups coincides with US lawmakers advancing discussions to pass a bill defining the structure of the digital asset market, which aims to clarify regulations for the industry. In the UK, policymakers have also announced plans to work with their US counterparts to explore legislation on crypto.

Related: The Digital Chamber aims to navigate crypto policy across US states

US-based crypto advocacy organizations, including The Digital Chamber, have received backing from former regulators and congressional members as the Trump administration pivots policies toward the industry. Among these groups are the Solana Policy Institute, the Blockchain Association, the Crypto Council for Innovation, and the American Innovation Project.

UK central bank progresses on stablecoins

On Nov. 10, the Bank of England published a consultation document proposing a framework for “sterling-denominated systemic stablecoins.” This action from the UK’s central bank signifies an effort to catch up to the US, which enacted a law governing payment stablecoins in July.

Deputy Governor of the Bank of England, Sarah Breeden, indicated before the release of the paper that the central bank’s initiatives were a reaction to the advancements in US stablecoin regulations, stressing the importance of synchronized rules.