The governments of the United States and Britain announced plans to establish a new taskforce aimed at easing regulatory hurdles for companies operating across their financial markets. The initiative, unveiled Monday, seeks to foster closer cooperation on capital markets access and the rapidly growing crypto asset sector, according to Reuters.
The new body, named the Transatlantic Taskforce for Markets of the Future, will be jointly chaired by officials from the U.S. Treasury and Britain’s finance ministry, with participation from regulators on both sides. The group is expected to deliver its initial findings within 180 days, including recommendations for short-term improvements and longer-term strategies for areas such as wholesale digital markets, per Reuters.
The decision to launch the taskforce was formally approved last week by British finance minister Rachel Reeves and U.S. Treasury Secretary Scott Bessent during President Donald Trump’s state visit to London. According to Reuters, the move underscores the countries’ shared interest in deepening financial cooperation as global markets undergo significant shifts.
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Britain has faced challenges maintaining its status as Europe’s financial hub since the 2016 Brexit referendum, with several major firms relocating their primary stock listings to U.S. exchanges. At the same time, the UK has been working to enhance its digital assets industry by mirroring Washington’s strategy of applying existing financial rules to the crypto sector, rather than developing new legislation, in contrast to the European Union’s approach.
Source: Reuters