The plan calls for the task force to report back within 180 days with suggested steps that could smooth cross-border listings and fundraising for companies working with digital tokens.
The US has also moved to update its approach to stablecoins and other tokens, and officials see value in talking through practical fixes together.
According to published accounts, the task force will consider at least four main areas: regulation of digital assets generally; stablecoin rules; anti-money laundering and consumer protections; and how wholesale markets might use tokenised securities.
Officials may also explore controlled pilot programs or “sandboxes” to test technical solutions for trading and settlement.
Even with the new push, key details are not settled. Reports note that it is unclear exactly which rules would be harmonized and how far either side will move from existing approaches.
Any recommendations from the task group will still need action by Parliament or Congress and likely further consultation with industry. That means real change could take longer than the 180-day review period to reach the rulebooks.
If the task force succeeds, companies that operate in both countries could face fewer conflicting rules and lower compliance costs. Based on reports, some market participants see potential for easier cross-border capital raising.
Others warn that gaps in enforcement or differences in legal systems could limit what the group can achieve quickly.
Reports say the first public product will be a set of recommendations from the task group within 180 days. After that, regulators may propose rule changes and lawmakers could begin formal work.
The end result might be a closer alignment on standards for stablecoins, AML checks, and custody rules — or simply clearer guidance that helps firms plan.
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