WASHINGTON/LONDON– The U.S. government and the U.K. government have agreed to establish a joint task force aimed at reducing barriers for banks and corporates raising capital and strengthening cooperation on cryptocurrency regulation.
The Transatlantic Taskforce for Markets of the Future will be backed by U.K. Chancellor Rachel Reeves and U.S. Treasury Secretary Scott Bessent, the Treasury Department said in a statement.
It will also be co-chaired by officials from both finance ministries and include participation from market regulators.
According to a Treasury statement, the task force will present recommendations within 180 days on immediate steps to streamline cross-border fundraising and longer-term options to modernize wholesale digital markets.
The Promise
In its statement, Treasury said that for banks, the initiative promises to address duplicative requirements that often complicate transatlantic deals. The task force will explore how firms can raise capital more efficiently, while also focusing on the regulatory treatment of crypto assets, tokenization, and other digital innovations that are reshaping wholesale finance, according to Treasury, which added that industry participants are expected to closely monitor whether the task force can deliver practical changes to secondary listings, settlement processes, and capital-raising structures.
Greater clarity on crypto rules is also seen as critical for investment banks seeking to expand custody, trading, and advisory services in the sector, Treasury said.
