Key facts
- The U.S. and U.K. have jointly released a 10-point roadmap to coordinate regulatory oversight of tokenized assets, stablecoins, and digital financial markets.
- The plan aims to reduce regulatory friction for blockchain-based finance and facilitate cross-border capital raising.
- Key areas of focus include common rules for tokenized securities, cross-border stablecoin activity, and industry-led tokenization pilots.
- Regulators from both countries, including the SEC, CFTC, FCA, and Bank of England, will enhance cooperation.
- The roadmap also calls for closer collaboration on traditional finance matters like derivatives supervision and market data transparency.
The United States and the United Kingdom have unveiled a 10-point roadmap designed to align their regulatory approaches to tokenized finance, including assets, stablecoins, and digital financial markets. This initiative signals a shared commitment to fostering the growth of blockchain-based finance within the world's largest financial markets.
The plan, released by the U.S. Department of the Treasury and HM Treasury, focuses on reducing regulatory friction that could impede the expansion of tokenized securities and stablecoins across both nations. It proposes the creation of an industry-led working group to test cross-border tokenization projects and coordinate the regulation of tokenized securities.
Furthermore, the recommendations support the development of cross-border stablecoins and aim to review global banking standards for cryptoassets. The two governments also issued a joint statement backing cross-border stablecoin activity, emphasizing the private sector's central role in developing digital money and payment systems.
Instead of introducing new rules, the roadmap identifies areas where regulators like the U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), the UK's Financial Conduct Authority (FCA), and the Bank of England will enhance their cooperation. This includes exploring common methods for settling tokenized securities and assessing the potential use of stablecoins or tokenized money market funds as collateral.
Beyond digital assets, the roadmap calls for increased collaboration on traditional finance, with the SEC and FCA set to explore ways to simplify cross-border capital raising. Regulators will also review derivatives market supervision, market data transparency, and international accounting standards. Treasury Secretary Scott Bessent highlighted that these recommendations underscore the strength of U.S. and U.K. financial markets and their dedication to promoting economic growth, innovation, and competition.