The UK Treasury announced that the UK and US finance ministers, Chancellor of the Exchequer, Rachel Reeves, and Treasury Secretary, Scott Bessent, are establishing a Transatlantic Taskforce for Markets of the Future to enhance collaboration on capital markets, digital assets and other innovative financial activities.
The Taskforce is to report back to both finance ministries, via the UK – US Financial Regulatory Working Group (FRWG), on recommendations to enhance collaboration on capital markets and digital assets and other innovative financial activities. These recommendations are to be developed in close collaboration with industry partners.
The purpose of the Taskforce is to explore options for:
- short-to-medium term collaboration on digital assets whilst legislation and regulatory regimes are still developing, as well as options for long-term collaboration and additional opportunities for wholesale digital markets innovation.
- improving links between capital markets to enhance the growth and competitiveness of both UK and US markets with a focus on reducing burdens for firms raising capital cross-border.