U.S. and U.K. Launch Joint Task Force on Capital Markets and Digital Assets

The United States and United Kingdom have announced a new Transatlantic Taskforce to strengthen cooperation on capital markets and digital assets. The initiative, unveiled on September 22 by U.K. Chancellor of the Exchequer Rachel Reeves and U.S. Treasury Secretary Scott Bessent, will bring together officials from HM Treasury, the U.S. Treasury, and regulators across both jurisdictions.

The task force aims to align strategies on digital asset oversight and explore new opportunities in wholesale digital markets. According to the announcement, the group will deliver recommendations within 180 days through the U.K.–U.S. Financial Regulatory Working Group, working closely with private industry to ensure innovation and accountability.

Reeves emphasized that London and New York remain the “twin pillars of global finance,” underscoring the need for stronger alignment as technology reshapes markets. Bessent echoed her remarks during a Downing Street roundtable, stressing that financial innovation should not be limited by borders.

Digital assets are expected to play a central role in the task force’s work, with officials focusing on both short-term measures—such as enabling cross-border use cases while legislation is still evolving—and long-term strategies for advancing wholesale digital market infrastructure.

Industry experts view this collaboration as a significant step toward regulatory consistency. Mark Aruliah, head of EMEA policy and regulatory affairs at Elliptic, said the U.S. has “set the pace with a pro-innovation agenda,” but the task force demonstrates the U.K.’s intent to close the gap and strengthen its competitiveness.

Elliptic also noted that structured collaboration could set a global benchmark for digital asset regulation, improving transparency, accountability, and trust in the sector. If successful, the initiative may influence other jurisdictions to adopt similar cooperative models.