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HM Treasury has released a statement outlining the establishment of a 'Transatlantic Taskforce for Markets of the Future' following talks between Chancellor of the Exchequer Rachel Reeves and US Secretary of the Treasury Scott Bessent last week. The task force will report back to both ministers within 180 days "on recommendations to enhance collaboration on capital markets and digital assets and other innovative financial activities."

• The purpose of the taskforce is to examine, "Options for short-to-medium term collaboration on digital assets whilst legislation and regulatory regimes are still developing, as well as options for long-term collaboration and additional opportunities for wholesale digital markets innovation [and to explore] Options to improve links between our 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. " Beyond the press release, there is little detail on the exact remit of this task force, how it will operate, or its composition. With the focus on 'innovative financial assets', areas such as stablecoin, tokenisation and the broader crypto market are likely to feature prominently in the task force's report.
• The announcement lines up with a report from the FT last week, which said that "Reeves hoped a closer alignment of rules would increase British companies’ access to the world’s deepest and most liquid financial markets, as well as attract greater American investment into the UK."

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