Treasury officials in the US and UK have unveiled a transatlantic task force aimed at exploring “short-to-medium term collaboration on digital assets.”
In announcements released on Monday, the US Treasury Department and HM Treasury stated that this cross-border initiative, occurring under the existing UK-US Financial Regulatory Working Group, will produce a report with recommendations within 180 days.
The newly formed task force, named the Transatlantic Taskforce for Markets of the Future, will examine crypto laws and regulations while assessing how the two nations can collaborate on “wholesale digital markets innovation.”
This announcement follows a Financial Times report on a meeting held last week between UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent to discuss potential collaboration on crypto regulation.
The talks reportedly involved representatives from several cryptocurrency firms. Meanwhile, the task force also mentioned it would “seek input from leading industry experts to ensure its recommendations are reflective of the industry’s priorities.”
The US Treasury did not clarify whether the formation of the task force is linked to any crypto-related legislation currently in Congress, such as the bill to establish a framework for payment stablecoins, the GENIUS Act. According to the bill, signed into law in July, the US Treasury Department must collaborate with the Federal Reserve to draft regulations prior to implementation.
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Cryptocurrency exchange Coinbase reported the US-UK announcement on its blog on Monday, expressing that it was “proud” to support the partnership. Daniel Seifert, the exchange’s vice president and regional managing director for Europe, the Middle East, and Africa, was involved in discussions between Reeves and Bessent, according to a Coinbase representative.
Similar approaches to crypto regulation?
Both the US and UK have made strides to tackle regulatory challenges affecting digital assets and the companies handling them in 2025. Last week, UK Prime Minister Keir Starmer met with US President Donald Trump, signing a memorandum of understanding to explore technology development, including artificial intelligence, though this agreement is not legally binding.
While the UK Treasury under Reeves stated in April its goal to create crypto regulations that “support innovation while combating fraud,” the US under Bessent appeared to advocate for a more relaxed regulatory approach.
The US Treasury Secretary indicated in August that the department would explore “budget-neutral pathways” to acquire Bitcoin (BTC) as part of the US government’s crypto reserve strategies.
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