US-UK crypto pact sets direction, not binding rules

The United States and the United Kingdom have issued 10 recommendations for stablecoins, tokenized securities, and cross-border finance, although the proposals have not created enforceable rules. Summary Ten recommendations cover digital assets, capital markets, and cooperation between U.S. and UK regulators. A proposed one-year industry group would test cross-border uses for tokenized financial assets. Both governments want a pathway for regulated stablecoins to enter each other’s markets. Frank Hepworth said the recommendations produce very little immediate market impact without domestic rules. The Transatlantic Taskforce for Markets of the Future published the recommendations on July 14, setting priorities for cooperation between two of the world’s largest financial centers without replacing either country’s regulatory process. Established in September 2025 by U.S. Treasury Secretary Scott Bessent and UK Chancellor Rachel Reeves, the task force brought together officials from the Treasury departments, the Federal Reserve, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Bank of England, and the Financial Conduct Authority. Five recommendation...