US and UK regulators have met to discuss broader crypto regulatory initiatives. They reaffirmed their commitment to “continued cooperation to support safe financial innovation as well as to strengthen regulatory outcomes for stablecoins in all jurisdictions.”
US and UK regulators collaborate on crypto regulation
The US Treasury Department released a joint statement last week on the UK-US Financial Regulation Task Force.
The group held a meeting on July 21. Participants included officials and senior staff from HM Treasury, the Bank of England, the Financial Conduct Authority, the US Treasury Department, the Federal Reserve Board, the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC).
The statement explains that the financial regulation working group was formed in 2008 “to deepen bilateral regulatory cooperation with a view to better promoting financial stability; investor protection; fair, orderly and efficient markets; and capital formation in both jurisdictions”.
On the topic of financial innovation, regulators reflected on the outcomes of the US-UK Financial Innovation Partnership meeting in June. They exchanged views on “cryptoasset regulation and recent market developments, including those related to stablecoins, and the exploration of central bank digital currencies (CBDCs),” the Treasury detailed, elaborating:
All participants pledged to continue cooperating to support safe financial innovation as well as to strengthen regulatory outcomes for stablecoins in all jurisdictions.
“Participants also considered future opportunities for further discussions on broader cryptoasset regulatory initiatives,” the Treasury added.
Regulators from both the US and UK “recognized the continued importance of the ongoing partnership for global financial innovation and recognized the importance of maintaining and engaging further in multilateral discussions on these issues,” the statement concluded .
The chief executive of the UK’s Financial Conduct Authority, Nikhil Rathi, said in July: “The US and the UK will deepen ties on cryptoasset regulation and market developments, including in relation to coins stables and the exploration of central bank digital currencies”.
The British government outlined its legislative agenda, including “the safe adoption of cryptocurrencies,” in the Queen’s Speech in May. It also has a plan to make the country a global crypto hub and “a hospitable place for crypto,” including establishing a dynamic regulatory framework for crypto, regulating stablecoins, and working with the Royal Mint to create a non-fungible token (NFT). . Last week, the country’s Legal Commission, an independent statutory body, published proposals to reform laws related to digital assets.
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An Austrian economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.
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