Regulators from the US and UK have met to discuss broader regulatory initiatives regarding cryptocurrencies. They reaffirmed their commitment to “continue cooperation to support safe financial innovation, as well as pursue regulatory outcomes for stablecoins in all jurisdictions.“
US and UK regulators collaborate on cryptocurrency regulation.
The US Treasury Department released a joint statement on the UK-US Financial Regulation Task Force last week.
The group held a meeting on July 21. 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.”to deepen bilateral regulatory cooperation with a view to further 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 their views on “crypto-asset regulation and recent market developments, including those related to stablecoins, and exploration of central bank digital currencies (CBDCs)“, detailed the Treasury:
All participants pledged to continue their cooperation to support safe financial innovation, as well as to ensure the results of stablecoin regulation in all jurisdictions.
“Participants also held out future possibilities for further discussions on broader regulatory initiatives regarding crypto-assets.“, added the Treasury.
US and UK regulators”acknowledged the continued importance of the ongoing partnership on global financial innovation and recognized the importance of maintaining and continuing multilateral discussions on these topics“, concludes the press release.
The chief executive of the UK’s Financial Conduct Authority, Nikhil Rathi, said in July: “The US and UK will deepen their privileges in crypto-asset regulation and market development – especially with regard to stablecoins and exploration of central bank digital currencies.”
The British government presented its legislative programme, in particular “the safe adoption of cryptocurrenciesin the Queen’s Speech in May. He 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 an NFT. Last week, the country’s Legal Commission, an independent statutory body, released proposals to reform digital asset laws.