The United States and the United Kingdom have established a joint transatlantic working group aimed at strengthening cooperation in capital markets and digital assets.
The task force, announced on September 22 by the United Kingdom Chancellor of the Rachel Reeves hacienda and the United States Treasury Secretary, Scott Besent, will bring together HM Treasury officials, the treasure of the United States and market regulators in both jurisdictions.
Two of the objectives of the working group is to develop approaches to the supervision of digital assets and explore new opportunities in wholesale digital markets.
The group will inform within 180 days through the existing financial regulatory work group of the United Kingdom, USA, delivering recommendations formed in close consultation with the private industry, according to the statement.
“London and New York are still the twin pillars of global finances,” Reeves said, adding that the closest alignment is essential since technology restructures markets. Besent echoed that feeling during a round table of Downing Street, calling the initiative a commitment to guarantee innovation in financial markets “does not stop at borders.”
Crypt at the forefront
While the task force remmit covers traditional capital markets, digital assets are expected to take the center of the stage.
Officials will analyze short -term measures, such as facilitating cross -border cases, while legislation remains in long -term flow and strategies to advance in the infrastructure of the wholesale digital market.
“With the creation of a United Kingdom Joint Working Group on capital markets and digital assets, we can expect significant developments on both sides of the Atlantic,” said Mark Aruliah, head of EMEA policy and regulatory issues in elliptical, in an email.
Although he pointed out that the United States has “established the rhythm of a pro-innovation agenda,” Auliah suggested that the working group “indicate a strong intention to close that gap and position the United Kingdom more competitively.”
In more general terms, the firm described collaboration as a validation of the digital asset industry itself: “The structured collaboration of this type will strengthen a shared commitment with higher standards of transparency and responsibility, and can establish a global reference point if other jurisdictions do the same.”
