Regulators in the US and UK have met to discuss comprehensive crypto regulatory initiatives. They reaffirmed their commitment to “continue cooperation to support safe financial innovation as well as strengthen regulatory outcomes for stablecoins in the jurisdiction.”
US and UK regulators collaborate on crypto regulation
The US Department of the Treasury published a joint statement last week 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, the Bank of England, the Financial Conduct Authority, the US Treasury Department, the Federal Reserve Board, the Commodity Futures Trading Commission (CFTC), Federal Reserve. Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and Securities and Exchange Commission (SEC).
The statement noted that the Financial Regulatory Working Group was formed in 2008 to “deepen bilateral regulatory cooperation to further promote financial stability; investor protection; fair, orderly and efficient markets; and capital in both jurisdictions.” Construction.”
On the subject of financial innovation, regulators considered the results of the US-UK Financial Innovation Partnership meeting in June. They “exchanged views on crypto-asset regulation and recent market developments, including in relation to stablecoins, and the exploration of central bank digital currencies (CBDCs),” Treasury detailed, detailed:
All participants committed to continued collaboration to support safe financial innovation as well as strengthen regulatory outcomes for stablecoins in the jurisdiction.
“Participants also consider future opportunities for further discussion on broader crypto-asset regulatory initiatives,” Treasury said.
The statement concluded that regulators in both the US and UK “recognize the continued importance of the ongoing partnership on global financial innovation and the importance of maintaining and advancing multilateral discussions on these topics.”
Nikhil Rathi, chief executive of the UK Financial Conduct Authority, said in July: “The US and UK will deepen ties on crypto-asset regulation and market development – including in relation to stablecoins and the exploration of central bank digital currencies.”
The British government outlined its legislative agenda, including “safe adoption of cryptocurrency,” in a speech to the Queen in May. It also plans 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 creating a non-fungible token (NFT) by the Royal Mint. Including working with , Last week, the country’s Law Commission, a statutory independent body, published proposals to reform laws related to digital assets.
What do you think about regulators in the US and UK collaborating on a broader crypto regulatory initiative? Let us know in the comments section below.
image credit: Shutterstock, Pixabay, WikiCommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation or recommendation or endorsement of an offer to buy or sell any products, services, or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused by or in connection with the use or reliance on any materials, goods or services mentioned in this article.