US and UK Launch Taskforce for Digital Asset and Capital Market Collaboration

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The UK Chancellor of the Exchequer, Rachel Reeves, and the US Treasury Secretary, Scott Bessent, have jointly established a new Transatlantic Taskforce for Markets of the Future, seeking greater collaboration on digital assets, capital markets, and financial innovation.

HM Treasury says the aim of the Taskforce is exploring “Options for short-to-medium term collaboration on digital assets … as well as options for long-term collaboration and additional opportunities for wholesale digital markets innovation.” 

The initiative will also explore opportunities for linking UK and US capital markets to “enhance growth and competitiveness” and easing cross-border capital raising.

It will be jointly chaired by officials from HM Treasury and the US Treasury, and include representatives from financial regulators overseeing capital markets and digital assets in both jurisdictions. 

The Taskforce will report to both finance ministries via the UK-US Financial Regulatory Working Group and is mandated to consult with industry experts to develop opportunities for market participants.

The Transatlantic Taskforce for Markets of the Future is expected to submit its report within 180 days.

The establishment of the Taskforce indicates increased collaboration among the major financial powers in shaping a coordinated approach to digital assets regulation, aiming to ensure regulation matches innovation as technology rapidly develops.