pc
nid 94008
Jul 15, 2026
csoo@vixio.com
United Kingdom
Competition and Markets Authority
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1856 charsUnited Kingdom and United States Publish Transatlantic Taskforce Recommendations for Financial Services Collaboration
On July 14, 2026, HM Treasury published the initial recommendations of the Transatlantic Taskforce for Markets of the Future, a joint UK-US initiative to advance financial services cooperation on digital assets and capital markets. The recommendations deliver on a commitment made by Chancellor of the Exchequer Rachel Reeves and US Treasury Secretary Scott Bessent when they launched the Taskforce in September 2025.
The Taskforce recommendations set out a shared agenda to deepen cross-border connectivity between the United Kingdom and United States, reduce market fragmentation, and accelerate the adoption of tokenisation in digital markets. The initiative recognises the rapid growth in digital money and digital assets, supported by increasing adoption of distributed ledger technology (DLT), institutional investment, and regulatory developments. The recommendations aim to strengthen links between the two countries' capital markets and position both nations as world-leading financial centres.
Alongside the recommendations, the UK and US published a joint statement on stablecoins, setting out a shared view to support a dynamic cross-border stablecoin market. The joint statement promotes convergence between UK and US regulatory regimes and aims to give market participants greater confidence and clarity as they pursue financial innovation in digital assets.
Progress on delivery of the recommendations will be reported through the UK-US Financial Regulatory Working Group to ensure they translate into practical outcomes for businesses and consumers on both sides of the Atlantic.
REFERENCES:
HM Treasury. "Recommendations of the Transatlantic Taskforce for Markets of the Future." Published July 14, 2026. Available at: https://www.gov.uk/government/publications/recommendations-of-the-transatlantic-taskforce-for-markets-of-the-future
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2943 charsUnited Kingdom and United States Publish Transatlantic Taskforce Recommendations for Financial Services Collaboration
On 14 July 2026, HM Treasury and the US Treasury published the initial recommendations of the Transatlantic Taskforce for Markets of the Future (TTMF). The report contains ten recommendations split between digital assets and capital markets, with delivery tracked through the UK-US Financial Regulatory Working Group (FRWG):
Digital assets
A private sector-led group, established on a one-year basis, for industry experimentation and testing of cross-border tokenised asset use cases, including identifying where regulatory clarity and technical standards are needed.
The Bank of England, CFTC, FCA and SEC will seek common approaches to the regulatory treatment of tokenised assets, covering settlement finality of tokenised securities and the potential eligibility of stablecoins and tokenised money market funds as margin collateral at CCPs, with increased use of flexible regulatory mechanisms.
The joint stablecoin statement itself, aimed at a dynamic cross-border stablecoin market and regime convergence, though explicitly not supplanting or presupposing the outcomes of ongoing regulatory processes.
Support for a "multi-money ecosystem" in which stablecoins, tokenised deposits and other digital money coexist, mirroring the language in the HMT payments consultation.
Joint support for a targeted review of Basel Committee standards on the prudential treatment of cryptoassets, so they are future-proofed, technology-neutral and evidence-based.
Capital markets
FCA and SEC staff to explore options to ease cross-border capital raising and address frictions, reporting via the FRWG.
SEC staff developing recommendations on Foreign Private Issuer framework reform will consider the FCA's views on how UK regulatory, disclosure and governance standards should be reflected in the treatment of UK FPIs (following the June 2025 FPI Concept Release).
FCA-SEC collaboration on transparency between the UK's incoming consolidated tapes and US equivalents.
The CFTC and FCA intend to convert existing temporary no-action relief for UK Swap Execution Facilities into a longer-term substituted compliance determination before it expires, and to refresh supervisory cooperation arrangements.
A reaffirmed commitment to globally accepted accounting and auditing standards, with the FCA, PRA and SEC supporting international standard-setting bodies.
A joint statement on stablecoins was published alongside it. The statement sets out ten shared UK-US principles to promote convergence between their stablecoin regimes, including full one-to-one backing with high-quality liquid assets, segregation of reserves with holders given priority claims in insolvency, and avoidance of prudential measures requiring inappropriately high levels of ring-fenced resources in each jurisdiction. Most consequentially, both governments commit to exploring a formal pathway for stablecoins issued in one jurisdiction to access the market of the other,