U.S., U.K. Form Task Force to Align on Crypto and Capital Markets

What to know:

• The taskforce will deliver recommendations within 180 days through the U.K.–U.S. Financial Regulatory Working Group.
• Digital assets are expected to be the main focus, with both short-term and long-term strategies under review.
• Industry voices say the initiative could help close the gap between U.S. and U.K. regulatory approaches while setting a global benchmark.

The U.S. and U.K. have established a joint Transatlantic Taskforce aimed at strengthening cooperation on capital markets and digital assets.

The task force, announced on Sep. 22 by U.K. Chancellor of the Exchequer Rachel Reeves and U.S. Treasury Secretary Scott Bessent, will bring together officials from HM Treasury, the U.S. Treasury and market regulators across both jurisdictions.

Two of the goals of the task force is to develop approaches to digital asset oversight and explore new opportunities in wholesale digital markets.

The group will report within 180 days through the existing U.K.–U.S. Financial Regulatory Working Group, delivering recommendations shaped in close consultation with private industry, the release said.

“London and New York remain the twin pillars of global finance,” Reeves said, adding that closer alignment is essential as technology reshapes markets. Bessent echoed that sentiment during a Downing Street roundtable, calling the initiative a commitment to ensuring innovation in financial markets “does not stop at borders.”

While the task force’s remit spans traditional capital markets, digital assets are expected to take center stage.

Officials will look at both short-term measures, such as facilitating cross-border use cases while legislation remains in flux, and long-term strategies for advancing wholesale digital market infrastructure.

“With the creation of a joint U.K.-U.S. task force on capital markets and digital assets, we can expect meaningful developments on both sides of the Atlantic,” Mark Aruliah, head of EMEA policy and regulatory affairs at Elliptic, said in an email.

While noting that the U.S. has “set the pace with a pro-innovation agenda,” Aruliah suggested the task force “signals a strong intent to close that gap and position the U.K. more competitively.”

More broadly, the firm described the collaboration as a validation of the digital assets industry itself: “Structured collaboration of this kind will strengthen a shared commitment to higher standards of transparency and accountability, and may establish a global benchmark if other jurisdictions follow suit.”