US and UK regulators are teaming up for broader cryptocurrency regulation

Regulators from the US and UK met to discuss broader regulatory initiatives related to cryptocurrencies. They reaffirmed their commitment to “continue cooperation to support secure financial innovation, as well as to strengthen regulatory outcomes for stablecoins in all jurisdictions.

Regulators from the United States and the United Kingdom cooperate in regulating cryptocurrencies.

Last week, the US Treasury Department released a joint statement on the UK and US Financial Regulation Task Force.

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

The statement explains that the Financial Regulation Task Force was formed in 2008 ”.deepen bilateral regulatory cooperation to further promote 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 results of the US-UK Financial Innovation Partnership meeting in June. They exchanged views on “cryptocurrency regulation and recent market developments, including those related to stablecoins, and exploration of central bank digital currencies (CBDC)“, The Treasury specified:

All participants pledged to continue their cooperation to support secure financial innovation, as well as to strengthen the results of stablecoin regulation in all jurisdictions.

Participants also considered future possibilities for continuing discussions on broader regulatory initiatives regarding cryptocurrencies.“, Added the Treasury.

US and UK regulatorsrecognized the continuing importance of the ongoing partnership on global financial innovation and recognized the importance of maintaining and continuing multilateral discussions on these issues“, Concludes the press release.

UK Financial Conduct Authority Chief Executive Nikhil Rathi said in July: “The US and UK will deepen their ties on cryptocurrency regulation and market development, particularly around stablecoins and exploration of central bank digital currencies.

The British government presented its legislative program, including “the safe adoption of cryptocurrencies“, In the Queen’s speech in May. She also has a plan to make the country a global crypto hub and “a hospitable place for cryptocurrencies“, including creating a dynamic regulatory framework for cryptocurrencies, regulating stablecoins, and partnering with the Royal Mint to create an NFT. Last week, the country’s Legal Commission, an independent statutory body, released proposals to reform laws on digital resources.

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