Authorities responsible for financial matters in the United States and the United Kingdom have jointly revealed plans for a collaborative task force. This group will explore avenues for cooperation on matters concerning digital assets within the near and medium term.
Official statements released on Monday by the US Department of the Treasury and the UK’s HM Treasury detailed this cooperative effort. It will operate within the existing framework of the UK-US Financial Regulatory Working Group. The task force is expected to produce a report containing suggested guidelines and recommendations within a timeframe of 180 days.
This newly established group, officially named the Transatlantic Taskforce for Markets of the Future, will delve into the intricacies of crypto laws and regulations. A key focus will be identifying areas where the two nations can collaborate to promote innovation in “wholesale digital markets.”
This announcement follows a report in the Financial Times concerning a recent meeting between Rachel Reeves, the UK Chancellor, and Scott Bessent, the US Treasury Secretary. The discussion centered on potential areas of collaboration between the two countries regarding cryptocurrency regulation.
The discussions reportedly included representatives from various cryptocurrency companies. The task force also stated on Monday that it intends to actively “solicit input from leading industry experts” to ensure its recommendations are practical and reflect the priorities of the crypto industry.
The US Treasury has not explicitly linked the creation of this task force to any specific cryptocurrency-related legislation currently being considered in Congress, such as the GENIUS Act, aimed at establishing a framework for payment stablecoins. This Act, enacted into law in July, mandates that the US Treasury Department collaborate with the Federal Reserve to develop implementing regulations.
Cryptocurrency exchange Coinbase acknowledged the US-UK announcement via its blog, expressing its “proud” support for this international partnership. According to a Coinbase spokesperson, Daniel Seifert, the exchange’s vice president and regional managing director for Europe, the Middle East and Africa, participated in the discussions between Reeves and Bessent.
Are Converging Crypto Regulatory Approaches Emerging?
Both the United States and the United Kingdom have been actively involved in addressing regulatory questions affecting digital assets and the businesses that handle them throughout 2025. UK Prime Minister Keir Starmer recently met with US President Donald Trump, and they signed a non-binding memorandum of understanding to explore various technological advancements, including artificial intelligence.
While the UK Treasury, under Reeves’ leadership, announced in April that its focus would be on crafting crypto regulations designed to “support innovation while aggressively tackling fraudulent activities,” the US side, led by Bessent, has advocated for an approach that suggests a potential reduction in the scope of existing regulation.
The US Treasury Secretary stated in August that the department would investigate “budget-neutral options” for acquiring Bitcoin (BTC) as part of the US government’s broader crypto reserve strategy.