U.S. and U.K. Coordinate Cryptocurrency Regulation during Trump's Visit in Britain
In a move aimed at bolstering the UK's digital asset sector, British officials have decided to align their cryptocurrency regulations with those of the USA. This cooperation was announced following high-level discussions between UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent.
The discussions, which were reported by the Financial Times on Wednesday, centre around deepening oversight collaboration on digital assets and stablecoins. The gathering, organised 'last minute' after crypto industry groups lobbied the UK government ahead of Trump's state visit, included representatives from Coinbase, Circle, Ripple, and major banks such as Citi, Bank of America, and Barclays.
The proposed alignment is intended to attract American investment and increase UK companies' access to US markets. It underscores Britain's competition with America's enthusiastic digital asset policies. This initiative comes as former Chancellor George Osborne recently expressed concern that Britain is falling behind on crypto development.
The cooperation framework includes joint digital securities sandboxes for blockchain companies. These sandboxes will allow companies to test technologies across both markets simultaneously. The discussions follow Britain's aim to match America's crypto-friendly approach under the Trump administration.
The UK regulators have maintained caution over systemic risks and volatility concerns related to cryptocurrency. However, the growing industry frustration in the UK stems from regulatory hesitancy that puts UK companies at a disadvantage. The proposed alignment is also intended to address these concerns.
The announcement of the cooperation framework is expected during Thursday's meetings between Trump and Prime Minister Keir Starmer. The meeting on Tuesday marked a significant step towards this alignment, signifying a closer relationship between the UK and US in the digital asset sector.
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