US and UK Regulators to Frame a Strengthened Crypto Regulation

• The US and UK regulators collaborated to enlarge cryptocurrency regulation.
• The Working Group wants to strengthen regulatory outcomes for stablecoins across jurisdictions.

According to a recent press release from the U.S Department of the Treasury, the Financial Regulatory Working Group of the U.K and the U.S, recently conducted an official meeting to discuss a wider crypto regulatory strategy. 

Along with the crypto assets controlling, the regulatory bodies from both countries considered the topics of current market developments, such as those involving stablecoins, and the exploration of Central Bank Digital Currency (CBDC). 

The U.S Treasury stated:

All participants committed to continued cooperation to support safe financial innovation, as well as to strengthen regulatory outcomes for stablecoins across jurisdictions. Participants also considered future opportunities for further discussion on broader crypto-asset regulatory initiatives.

UK Increases Pressure on Crypto Regulation

The Working Group furtherly reviewed ongoing bilateral and international cooperation as well as areas of shared interest where cooperation can be further deepened to advance international standards. 

Apart from HM Treasury and the U.S. Department of the Treasury, some major independent regulatory agencies also participated in the meeting, including the Bank of England (BOE), the Financial Conduct Authority (FCA), the Federal Reserve Board, the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), the Office of Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC).

The chief executive of the U.K. Financial Conduct Authority, Nikhil Rathi recently pointed out that the U.S. and U.K. will strengthen their ties on crypto-asset regulation and market developments, including about stablecoins and the exploration of central bank digital currencies.

Moreover, the UK authorities previously announced that they want Britain to lead the globe and develop their government-backed digital token for international trade after the US attempted to strengthen cryptocurrency rules.

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