US and UK Regulators Team Up for Broader Crypto Regulation

Regulators from the US and UK have met to discuss broader crypto regulatory initiatives. They reaffirmed their commitment to “continue to collaborate to support secure financial innovation as well as to enhance regulatory outcomes for stablecoins in all jurisdictions.”

US and UK regulators are cooperating to regulate cryptocurrencies.

Last week, the US Treasury released a joint statement on the UK-US Financial Regulatory Task Force.

The group held a meeting on 21 July. Participants included officials and senior executives from the UK Treasury, the Bank of England, the Financial Conduct Authority, the US Treasury, the Federal Reserve Board, the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), the currency controller. (OCC) and the Securities and Exchange Commission (SEC).

The statement explains that the Financial Regulation Task Force was formed in 2008 “to deepen bilateral regulatory cooperation to further promote financial stability, investor protection, fair, orderly and efficient markets, and capital accumulation in both jurisdictions.”

Speaking of financial innovation, regulators discussed the outcome of the June meeting of the US-UK Financial Innovation Partnership. They exchanged views on “regulation of crypto assets and recent market developments, including those related to stablecoins, and the study of central bank digital currencies (CBDC),” the Treasury elaborated:

All participants committed to continue collaborating to support secure financial innovation, as well as to strengthen the outcome of stablecoin regulation in all jurisdictions.

“Participants also considered future opportunities to continue discussing broader regulatory initiatives for cryptoassets,” the Treasury added.

US and UK regulators “recognized the continued importance of an ongoing partnership on global financial innovation and acknowledged the importance of sustaining and continuing multilateral discussions on these topics,” the statement said.

The chief executive of the UK Financial Conduct Authority, Nikhil Rati, said in July: “The US and UK will deepen their ties in the field of crypto asset regulation and market development, including when it comes to stablecoins and exploring central bank digital currencies.”

The UK government laid out its legislative agenda, including the “safe adoption of cryptocurrencies,” in the Queen’s May speech. He also has a plan to turn the country into a global crypto hub and “hospitable place for crypto,” including creating a clear regulatory framework for crypto, regulating stablecoins, and working with the Royal Mint to create NFTs. Last week, the country’s Judicial Commission, an independent statutory body, released proposals to reform digital asset laws.

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