UK and US treasuries launch taskforce to collaborate on financial innovation

The UK government and the US treasury have established a finance taskforce to strengthen the countries’ connection through the ongoing period of technological change.

The Transatlantic Taskforce for Markets of the Future was created during an industry roundtable attended by US treasury secretary Scott Bessent and chancellor of the exchequer Rachel Reeves last week.

The taskforce will report back to both finance ministries through the UK – US Financial Regulatory Working Group (FRWG) and provide recommendations on how to enhance collaboration on capital markets, digital assets, and other innovative financial activities.

Suggestions made to the group will be developed in collaboration with industry partners to unlock opportunities for investors, businesses, and market participants on both sides of the Atlantic.

The purpose of the taskforce is to explore:

• Options for short-to-medium-term collaboration on digital assets while legislation and regulatory regimes are still developing, as well as options for long-term collaboration and additional opportunities for wholesale digital markets innovation.
• Options to improve links between capital markets to enhance the growth and competitiveness of both UK and US markets, focusing on reducing burdens for UK and US firms raising capital cross-border.

The taskforce will be chaired by officials from HM Treasury and US Treasury and will include representatives from UK and US regulators responsible for capital markets and digital assets regulation as appropriate. Input will be sought from industry experts to ensure its recommendations are well informed, and the taskforce should report within 180 days.