The US-UK Transatlantic Working Group releases a digital asset roadmap to promote stablecoin innovation

According to The Block, the United States and the United Kingdom are deepening their cooperation on digital assets, releasing a joint statement from the Transatlantic Future Markets Working Group, stating that regulated stablecoins have the potential to enhance the efficiency and competitiveness of the financial system. This working group was established last year to deepen cooperation between the two countries and reduce market fragmentation.

The joint statement calls for the Bank of England, the UK Financial Conduct Authority (FCA), and the US CFTC and SEC to develop a framework for the treatment of tokenized assets, and instructs the FCA and SEC to "explore options to facilitate cross-border financing." The statement also proposes support for competition and innovation in assets such as stablecoins and tokenized deposits, emphasizing standards for custody, reserve isolation, and consumer protection, and providing clear priority legal claims for stablecoin holders in the event of bankruptcy. This statement comes on the one-year anniversary of the passage of the US GENIUS Act, with Federal Reserve Chairman Kevin Warsh stating at a House Financial Services Committee hearing that "relevant rules are being introduced just ahead of the July 18 deadline."