US, UK Regulators Partner on Broader Crypto Regulation – Regulation Bitcoin News

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Reg­u­la­tors in the U.S. and U.K. have met to dis­cuss broad­er cryp­to reg­u­la­to­ry ini­tia­tives. They reaf­firmed their com­mit­ment to “con­tin­ued coop­er­a­tion to sup­port safe finan­cial inno­va­tion, as well as to strength­en reg­u­la­to­ry out­comes for sta­ble­coins across jurisdictions.”

US and UK Regulators Collaborate on Crypto Regulation

The U.S. Depart­ment of the Trea­sury pub­lished a joint state­ment last week on the U.K.-U.S. Finan­cial Reg­u­la­to­ry Work­ing Group.

The group held a meet­ing on July 21. Par­tic­i­pants includ­ed offi­cials and senior staff from HM Trea­sury, the Bank of Eng­land, the Finan­cial Con­duct Author­i­ty, the U.S. Trea­sury Depart­ment, the Fed­er­al Reserve Board, the Com­mod­i­ty Futures Trad­ing Com­mis­sion (CFTC), the Fed­er­al Deposit Insur­ance Cor­po­ra­tion (FDIC), the Office of Comp­trol­ler of the Cur­ren­cy (OCC), and the Secu­ri­ties and Exchange Com­mis­sion (SEC).

The state­ment explains that the finan­cial reg­u­la­to­ry work­ing group was formed in 2008 “to deep­en bilat­er­al reg­u­la­to­ry coop­er­a­tion with a view to the fur­ther pro­mo­tion of finan­cial sta­bil­i­ty; investor pro­tec­tion; fair, order­ly, and effi­cient mar­kets; and cap­i­tal for­ma­tion in both jurisdictions.”

On the top­ic of finan­cial inno­va­tion, the reg­u­la­tors reflect­ed on the out­comes of the U.S.-U.K. Finan­cial Inno­va­tion Part­ner­ship meet­ing in June. They exchanged views on “cryp­to-asset reg­u­la­tion and recent mar­ket devel­op­ments, includ­ing those in rela­tion to sta­ble­coins, and the explo­ration of cen­tral bank dig­i­tal cur­ren­cies (CBD­Cs),” the Trea­sury detailed, elaborating:

All par­tic­i­pants com­mit­ted to con­tin­ued coop­er­a­tion to sup­port safe finan­cial inno­va­tion, as well as to strength­en reg­u­la­to­ry out­comes for sta­ble­coins across jurisdictions.

“Par­tic­i­pants also con­sid­ered future oppor­tu­ni­ties for fur­ther dis­cus­sion on broad­er cryp­to-asset reg­u­la­to­ry ini­tia­tives,” the Trea­sury added.

The reg­u­la­tors from both the U.S. and the U.K. “rec­og­nized the con­tin­ued impor­tance of the ongo­ing part­ner­ship on glob­al finan­cial inno­va­tion and acknowl­edged the impor­tance of both main­tain­ing and fur­ther engag­ing in mul­ti­lat­er­al dis­cus­sions on these top­ics,” the state­ment concludes.

The U.K. Finan­cial Con­duct Authority’s chief exec­u­tive, Nikhil Rathi, said in July: “The U.S. and U.K. will deep­en ties on cryp­to-asset reg­u­la­tion and mar­ket devel­op­ments — includ­ing in rela­tion to sta­ble­coins and the explo­ration of cen­tral bank dig­i­tal currencies.”

The British gov­ern­ment out­lined its leg­isla­tive agen­da, includ­ing “the safe adop­tion of cryp­tocur­ren­cies,” in the Queen’s Speech in May. It also has a plan to make the coun­try a glob­al cryp­to hub and “a hos­pitable place for cryp­to,” includ­ing estab­lish­ing a dynam­ic reg­u­la­to­ry frame­work for cryp­to, reg­u­lat­ing sta­ble­coins, and work­ing with the Roy­al Mint to cre­ate a non-fun­gi­ble token (NFT). Last week, the country’s Law Com­mis­sion, a statu­to­ry inde­pen­dent body, pub­lished pro­pos­als to reform laws relat­ing to dig­i­tal assets.

Tags in this story
Cryp­to reg­u­la­tion, U.S. U.K., uk, US, us uk, US UK col­lab­o­rate, us uk col­lab­o­ra­tion, US UK coop­er­ate, US UK cryp­tocur­ren­cy reg­u­la­tion, US UK part­ner, US UK part­ner­ship, US UK work­ing group

What do you think about reg­u­la­tors in the U.S. and U.K. col­lab­o­rat­ing on broad­er cryp­to reg­u­la­to­ry ini­tia­tives? Let us know in the com­ments sec­tion below.

Kevin Helms 

A stu­dent of Aus­tri­an Eco­nom­ics, Kevin found Bit­coin in 2011 and has been an evan­ge­list ever since. His inter­ests lie in Bit­coin secu­ri­ty, open-source sys­tems, net­work effects and the inter­sec­tion between eco­nom­ics and cryptography.




Image Cred­its: Shut­ter­stock, Pix­abay, Wiki Commons

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