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US, UK Regulators Partner on Broader Crypto Regulation – Regulation Bitcoin News
Regulators in the US and UK have met to discuss broader crypto regulatory initiatives. They reaffirmed their commitment to “continued collaboration to support secure financial innovation, as well as to strengthen regulatory outcomes for stablecoins across jurisdictions.”
US and UK regulators are working together on crypto regulation
The US Treasury last week published a joint statement on the UK-US Financial Regulatory Working Group.
The group held a meeting on 21 July. Participants included officials and senior staff from HM Treasury, Bank of England, Financial Conduct Authority, US Treasury Department, Federal Reserve Board, Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Office of Comptroller of the Currency (OCC ) and the Securities and Exchange Commission (SEC).
The statement explains that the Financial Regulatory Working Group 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, the regulators reflected on the results of the US-UK Financial Innovation Partnership meeting in June. They exchanged views on “regulation of cryptoassets and recent market developments, including those in relation to stablecoins, and the exploration of central bank digital currencies (CBDCs),” the finance ministry said, elaborating:
All participants committed to continued collaboration to support secure financial innovation, as well as to strengthen regulatory outcomes for stablecoins across jurisdictions.
“Participants also considered future opportunities for further discussion on broader regulatory initiatives for cryptoassets,” the Treasury added.
The regulators from both the US and the UK “recognized the continued importance of the ongoing partnership on global financial innovation and recognized the importance of both maintaining and further engaging in multilateral discussions on these topics,” the statement concluded.
The UK Financial Conduct Authority’s chief executive, Nikhil Rathi, said in July: “The US and UK will deepen ties on cryptoasset regulation and market development – including in relation to stablecoins and exploration of central bank digital currencies.”
The UK 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.
What do you think about US and UK regulators working together on broader crypto regulatory initiatives? Let us know in the comments section below.
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