The U.S. Treasury and HM Treasury on Tuesday published 10 joint recommendations to connect how the two countries regulate tokenized markets, stablecoins and cross-border capital raising. The report comes from the Transatlantic Taskforce for Markets of the Future, created by both governments in September 2025, and it is the most concrete attempt yet by the world’s two largest financial centers to write compatible rules for blockchain-based finance. Tokenized finance is the practice of issuing and trading traditional financial assets, such as stocks or bonds, as digital tokens on a blockchain. For firms operating in both New York and London, the plan signals that cross-border tokenized products should face fewer conflicting requirements in the years ahead.
Key takeaways
- The U.S. Treasury and HM Treasury released the Transatlantic Taskforce for Markets of the Future report on July 14, with 10 recommendations covering digital assets and capital markets.
- Both governments issued a separate joint statement backing cross-border stablecoin activity and calling the private sector central to digital money and payments.
- No rules change today. The SEC, CFTC, FCA and Bank of England plan common approaches to tokenized securities settlement and to collateral use of stablecoins and tokenized money market funds.
- An industry-led working group will test cross-border tokenization pilots between the two markets.
Published: July 14, 2026, 20:00 UTC
What the tokenized finance roadmap covers
The report sets out 10 recommendations spanning digital assets and traditional capital markets. On the digital asset side, the two treasuries propose an industry-led working group to test cross-border tokenization projects, coordinated regulation of tokenized securities, and support for stablecoins that operate in both jurisdictions. The plan also calls for a review of global banking standards for cryptoassets and for policy work that lets stablecoins, tokenized bank deposits and other forms of digital money operate side by side, according to the published recommendations.
Regulators will study common approaches to settling tokenized securities and examine whether stablecoins or tokenized money market funds can serve as collateral in financial markets. A stablecoin is a cryptocurrency designed to hold a fixed value, usually one U.S. dollar, backed by reserves held in cash and short-term government debt.
Beyond digital assets, the SEC and the UK’s Financial Conduct Authority will explore ways to make cross-border capital raising easier. The roadmap also covers derivatives market supervision, market data transparency and international accounting standards, as reported by CoinDesk.
A taskforce born during Trump’s state visit
Treasury Secretary Scott Bessent and UK Chancellor of the Exchequer Rachel Reeves created the taskforce in September 2025, during President Trump’s state visit to the United Kingdom. Co-chaired by officials from both treasuries and joined by financial regulators from each country, the group had a 180-day mandate to report back through the U.S.-UK Financial Regulatory Working Group, and it built its recommendations on input from financial services firms on both sides of the Atlantic.
“The Transatlantic Taskforce for Markets of the Future reflects the strength and depth of U.S. and UK markets and our shared commitment to fostering economic growth and advancing global standards that reward innovation and competition,” Bessent said in Tuesday’s announcement.
The release caps a busy stretch for UK tokenization policy. On Monday, HM Treasury and UK regulators convened 54 firms to plan the tokenization of the UK’s wholesale markets, a separate domestic effort that now has a transatlantic counterpart. When the taskforce was formed last September, CoinShares head of research James Butterfill said coordination with the U.S. could kick-start Britain’s digital asset sector, where adoption trails the American market.
What happens next
The recommendations create no new rules. They commit regulators to develop common standards, so the practical effect depends on follow-through from the SEC, CFTC, FCA and Bank of England over the coming months.
The clearest near-term step is the industry-led working group, which gives banks, exchanges and tokenization platforms a formal channel to run cross-border pilots. The joint stablecoin statement matters for issuers because it signals both governments intend to keep cross-border stablecoin activity open rather than ring-fence their national markets. For banks and trading firms, the collateral question carries the most weight: if stablecoins or tokenized money market funds win acceptance as collateral, tokenized instruments move from the edge of market infrastructure into its core.
The roadmap adds a regulatory track to institutional momentum already underway. Swift launched a shared blockchain ledger with 17 global banks this month, and Ripple secured a MiCA license covering all 30 EEA countries earlier in July. Whether the US-UK plan becomes more than a statement of intent will show up in the working group’s membership and its first pilots.
Frequently asked questions
What is the Transatlantic Taskforce for Markets of the Future?
It is a joint US-UK initiative created in September 2025 by Treasury Secretary Scott Bessent and Chancellor Rachel Reeves. Co-chaired by both treasuries with participation from financial regulators, it was asked to recommend ways to deepen cross-border capital markets activity and digital asset cooperation between the two countries.
Did any crypto rules change with this announcement?
No. The 10 recommendations identify where the SEC, CFTC, FCA and Bank of England plan to build common approaches, including tokenized securities settlement and collateral treatment of stablecoins. Any binding rules would come later through each country’s own legislative and regulatory processes.
What does the US-UK stablecoin statement say?
The joint statement supports dynamic cross-border stablecoin activity and says the private sector will play the central role in providing digital money and payments. It follows one of the taskforce’s recommendations and signals that both governments prefer open stablecoin markets over national ring-fencing.
