The United Kingdom (UK) and the United States (US) are reportedly poised to unveil a significant agreement aimed at fostering closer collaboration on cryptocurrencies, as disclosed on Tuesday by the Financial Times.
The meeting featured representatives from major cryptocurrency firms such as Coinbase (COIN), Circle (CRCL), and Ripple, alongside banking giants like Citigroup, Bank of America, and Barclays.
Sources indicated that the agreement was arranged at the last minute, prompted by a letter from cryptocurrency industry groups urging the UK government to prioritize digital assets and blockchain in any new trade arrangements with the US, especially ahead of Trump’s upcoming state visit.
Central to the proposed agreement is a focus on stablecoins which British officials believe could enhance access for UK companies to some of the world’s most liquid financial markets.
Participants of the meeting reportedly expressed a shared belief that closer cooperation between the UK and US could unlock substantial opportunities in the digital asset space.
Reeves had previously discussed the potential for aligning capital markets, including digital asset regulations, during a dinner with US Ambassador to London Warren Stephens, framing it as a key topic for Trump’s visit.
British officials anticipate that the collaborative efforts on capital market alignment will be highlighted in discussions between Trump and UK Prime Minister Sir Keir Starmer.
George Osborne, a former UK chancellor and current member of Coinbase’s global advisory council, recently warned in the Financial Times that the UK is lagging behind the US in its approach to cryptocurrencies.
He stated, “On crypto and stablecoins, as on too many other things, the hard truth is this: we’re being completely left behind. It’s time to catch up.”
Last year, SEC Commissioner Hester Peirce proposed a joint digital sandbox for the UK and US, which could enable regulators to access broader data in various contexts, facilitating easier entry into both markets.
Featured image from DALL-E, chart from TradingView.com
