On July 14, the U.S. Treasury announced that it and the U.K. HM Treasury had jointly published recommendations from the Transatlantic Taskforce for Markets of the Future, aimed at deepening cross-border financial activity between the United States and the United Kingdom; reducing unnecessary frictions; and advancing open, market-based standards that promote innovation and support growth. As previously covered by InfoBytes, the taskforce was jointly announced in September 2025 to develop recommendations advancing U.S.-U.K. financial services collaboration on digital assets and capital markets.

On digital assets, the recommendations propose a one-year, private sector-led group to test cross-border tokenized asset use cases and share best practices, and call for the Bank of England, the CFTC, the Financial Conduct Authority (FCA), and the SEC to identify common regulatory approaches to tokenized assets, including settlement finality of tokenized securities transactions and the potential use of stablecoins and tokenized money market funds as margin collateral at central counterparties. The recommendations also call for the U.S. and U.K. to support a targeted review, at the Basel Committee on Banking Supervision, of standards related to the prudential treatment of cryptoassets, and commit the two countries to identify areas of alignment to help support global consistency. The two countries also published a joint statement affirming that stablecoins are an important vehicle for innovation in digital money and expressing their intent to enable stablecoins’ use in cross-border finance, and committed to support policy frameworks allowing stablecoins, tokenized deposits, and other digital money to coexist in a multi-money ecosystem.

On capital markets, the recommendations direct FCA and SEC staff to explore options facilitating cross-border capital raising and assess actions to address frictions affecting market participants. Following the SEC’s June 2025 Foreign Private Issuer Concept Release, the recommendations also call for SEC staff considering rulemaking reforms to the foreign private issuer framework to weigh the FCA’s views on how the U.K.’s regulatory, disclosure and governance standards should be reflected in the treatment of U.K. foreign private issuers. They further call for the FCA and SEC to collaborate on transparency between the U.K.’s consolidated tapes, once effective, and their U.S. counterparts, and for the CFTC and FCA to explore converting existing temporary no-action relief for U.K. swap execution facilities into a longer-term substituted compliance determination before its expiration while assessing existing supervisory cooperation arrangements. The agencies reaffirmed their commitment to supporting international accounting- and auditing-standard-setting efforts.