The U.S. and U.K. have launched a collaborative initiative called the Transatlantic Taskforce, designed to enhance cooperation on capital markets and digital assets. This announcement was made on September 22 by U.K. Chancellor of the Exchequer Rachel Reeves and U.S. Treasury Secretary Scott Bessent. The task force aims to unite officials from HM Treasury, the U.S. Treasury, and various market regulators from both countries.
One of the primary objectives of the task force is to develop cohesive strategies for overseeing digital assets, alongside exploring new avenues in wholesale digital markets. The group is expected to deliver a report within 180 days, operating under the auspices of the existing U.K.–U.S. Financial Regulatory Working Group. This report will include recommendations developed in close collaboration with the private sector.
Reeves emphasized the importance of London and New York as foundational pillars of global finance, asserting that better alignment is crucial in the face of evolving technological landscapes. Bessent reinforced this message during a roundtable discussion at Downing Street, highlighting that the initiative signifies a commitment to ensuring that financial market innovation transcends national borders.
While the task force will address various aspects of traditional capital markets, digital assets are anticipated to take precedence in discussions. Officials plan to investigate both immediate measures, aimed at facilitating cross-border collaborations while regulatory frameworks are still developing, as well as long-term strategies to enhance wholesale digital market infrastructure.
Mark Aruliah, head of EMEA policy and regulatory affairs at Elliptic, highlighted the significance of the task force, indicating that it signals the potential for substantial advancements in capital markets on both sides of the Atlantic. He noted that while the U.S. has been at the forefront with a pro-innovation approach, the collaboration represents a strong commitment from the U.K. to enhance its competitive stance in the global arena.
This partnership is also seen as a pivotal moment for the digital assets industry itself. Aruliah pointed out that structured collaborations such as this are likely to bolster a collective commitment to higher standards of transparency and accountability, potentially setting a global benchmark that other jurisdictions might aspire to follow.
