US and UK team up to create crypto focused task force to guide future regulations

Top financial officials in the United States and United Kingdom — including U.S. Treasury Secretary Scott Bessent and UK Chancellor of the Exchequer Rachel Reeves — have launched a joint task force aimed at developing policy recommendations for digital assets. 

The so-called Transatlantic Taskforce for the Markets of the Future will look into "short-to-medium term collaboration" as well as longer term coordination for digital assets. The group will also release a report in 180 days on crypto and broader digital markets innovation, according to a statement released on Monday. 

"The Taskforce is to report back to both finance ministries, via the UK-U.S. Financial Regulatory Working Group (‘FRWG’), on recommendations to enhance collaboration on capital markets and digital assets and other innovative financial activities," Treasury Department officials wrote. "These recommendations are to be developed in close collaboration with industry partners ensuring we unlock opportunities for investors, businesses, and market participants on both sides of the Atlantic."

That initiative marks a significant move in deepening collaboration on crypto regulation and innovation. Last week, the Reeves and Bessent met to discuss collaborating on crypto oversight. Representatives from the Bank of America, Barclays, Circle, Citi, Coinbase, and Ripple were also there, Financial Times reported. 

Crypto firm execs voiced support for the task force on Monday. Dante Disparte, Circle’s chief strategy officer and head of global policy and operations, called the task force a "pivotal step forward," in a statement.

By fostering greater transatlantic collaboration and regulatory harmonization, something we have "long advocated for at Circle, we are not only laying the groundwork for safer, more resilient markets, but also ensuring that the benefits of these technologies are realized globally," Disparte said. 

Coinbase also said it supported the partnership.

"Together, these two nations can unlock deeper liquidity, broader financial participation, and new capital for businesses, driving innovation, growth, and financial inclusion," said Daniel Seifert, Coinbase's vice president and regional managing director of Europe, the Middle East, and Africa. 

Corrected at 3:45 p.m. UTC on Sept. 22 to correct spelling