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U.S. and U.K. roadmap targets aligned oversight for tokenized finance
The 10-point plan, issued by the U.S. Treasury and HM Treasury, aims to reduce cross-border regulatory friction for tokenized securities and stablecoins by coordinating regulators rather than creating new rules.
The U.S. and U.K. have released a joint 10-point roadmap to coordinate oversight of tokenized assets, stablecoins, and other digital financial markets, seeking to make it easier for tokenized products to operate across the two countries. CoinDesk reports the recommendations were published by the U.S. Department of the Treasury and HM Treasury as part of the Transatlantic Taskforce for Markets of the Future.
Under the roadmap, regulators will explore common approaches to issues including cross-border stablecoin activity and the oversight of tokenized securities. The plan also calls for an industry-led working group to test cross-border tokenization projects, and it includes efforts to review global banking standards for cryptoassets and develop policy frameworks that allow stablecoins, tokenized bank deposits, and other forms of digital money to coexist.
The governments also describe closer cooperation on whether and how stablecoins, or tokenized money market funds, could be used as collateral in financial markets, and how tokenized securities might be settled across borders. CoinDesk notes the recommendations do not establish new rules, instead focusing on areas where regulators plan to work more closely together, including the SEC, CFTC, the FCA, and the Bank of England.
On the traditional finance side, the roadmap calls for greater coordination between the SEC and FCA to make cross-border capital raising easier. The joint statement backing cross-border stablecoin activity emphasizes that the private sector is expected to play a central role in developing digital money and payment systems.