The U.S. and U.K. regulators met in order to talk about wider crypto regulatory initiatives. They reaffirmed their commitment to “continued cooperation to support safe financial innovation, as well as to strengthen regulatory outcomes for stablecoins across jurisdictions.”
Crypto Regulation: US and UK Regulators Work Together
Last week, the U.S. Department of the Treasury released a joint statement on the U.K.-U.S. Financial Regulatory Working Group.
On July 21, the group met. The meeting was attended by senior personnel from HM Treasury and the Bank of England.
The statement explains that the financial regulatory working group was formed in 2008 “to deepen bilateral regulatory cooperation with a view to the further promotion of financial stability; investor protection; fair, orderly, and efficient markets; and capital formation in both jurisdictions.”
The regulators reflected upon the June U.S.-U.K. Financial Innovation Partnership Meeting results. They exchanged views on “crypto-asset regulation and recent market developments, including those in relation to stablecoins, and the exploration of central bank digital currencies (CBDCs),” the Treasury detailed, elaborating:
The participants agreed to maintain cooperation for safe financial innovation as well as strengthening regulatory outcomes for stablecoins in different jurisdictions.
“Participants also considered future opportunities for further discussion on broader crypto-asset regulatory initiatives,” the Treasury added.
The regulators from both the U.S. and the U.K. “recognized the continued importance of the ongoing partnership on global financial innovation and acknowledged the importance of both maintaining and further engaging in multilateral discussions on these topics,” the statement concludes.
The U.K. Financial Conduct Authority’s chief executive, Nikhil Rathi, said in July: “The U.S. and U.K. will deepen ties on crypto-asset regulation and market developments — including in relation to stablecoins 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 Law Commission, a statutory independent body, published proposals to reform laws relating to digital assets.
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