The United States and the United Kingdom have laid out a plan to make it easier for tokenized financial products to move between their markets, signaling that both governments want blockchain-based finance to become a bigger part of mainstream capital markets.
Released Tuesday by the U.S. Department of the Treasury and HM Treasury, the recommendations from the Transatlantic Taskforce for Markets of the Future focus on reducing regulatory friction that could slow the growth of tokenized securities, stablecoins and other digital assets operating across both countries.
The report sets out 10 recommendations covering digital assets and traditional capital markets.
On the digital asset side, governments propose creating an industry-led working group to test cross-border tokenization projects, coordinate the regulation of tokenized securities, and support the development of cross-border stablecoins. They also want to review global banking standards for cryptoassets and build policy frameworks that allow stablecoins, tokenized bank deposits and other forms of digital money to coexist.
The two governments also issued a joint statement backing cross-border stablecoin activity, stating that the private sector will play a central role in developing digital money and payment systems.
The recommendations do not introduce new rules. Instead, they identify areas where regulators — including the U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), the UK's Financial Conduct Authority (FCA) and the Bank of England — plan to work more closely together. That includes exploring common approaches to settling tokenized securities and whether stablecoins or tokenized money market funds could be used as collateral in financial markets.
Beyond digital assets, the roadmap calls for closer cooperation on traditional finance. The SEC and FCA will explore ways to make cross-border capital raising easier, while regulators will also review derivatives market supervision, market data transparency and international accounting standards.
Treasury Secretary Scott Bessent said the recommendations reflect the strength of the U.S. and U.K. financial markets and their shared commitment to supporting economic growth, innovation and competition.