A Gathering of The Gang
For the purpose of discussing larger crypto regulatory activities, regulators from the US and UK convened. They reiterated their dedication to ongoing collaboration to encourage safe financial innovation and to better regulatory results for stablecoins across countries. A joint statement about the US-UK Financial Regulatory Working Group was released by the US Department of Treasury last week.
July 21 saw a gathering of the gang. Participants included representatives and senior staff from many authorities. These include:
- HM Treasury
- Bank of England
- Financial Conduct Authority
- U.S. Treasury Department
- Federal Reserve Board
- Commodity Futures Trading Commission (CFTC)
- Federal Deposit Insurance Corporation (FDIC)
- Office of Comptroller of the Currency (OCC)
- Securities and Exchange Commission (SEC)
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Crypto Asset Regulation Efforts
In order to further promote financial stability, investor protection, fair, orderly, and efficient markets, as well as capital formation in both jurisdictions, the financial regulatory working group was established in 2008, according to the statement. The regulators discussed financial innovation and the conclusions of the June meeting of the US-UK Financial Innovation Partnership. The Treasury elaborated, stating that they discussed crypto-asset regulation and recent market developments, especially those relating to stablecoins and the investigation of central bank digital currencies (CBDCs)
All attendees pledged to work together in the future to encourage innovative safe financial practises and improve stablecoin regulatory results globally. According to the Treasury, participants also explored potential prospects for additional discussion on larger crypto-asset regulation efforts.
According to the statement, the regulators from the U.S. and the U.K. appreciated the continued relevance of the ongoing relationship on global financial innovation and noted the necessity of both maintaining and further engaging in multilateral conversations on these themes. The U.S. and U.K. will expand connections on crypto-asset regulation and market developments, notably in respect to stablecoins and the exploration of central bank digital currencies. This statement is given by Nikhil Rathi, chief executive of the U.K. Financial Conduct Authority, in July.
Source: https://www.thecoinrepublic.com/2022/08/01/crypto-regulation-planning-by-uk-us-regulators/