The United States and the United Kingdom have announced the formation of a “task force for markets of the future,” aimed to enhance cooperation on capital markets and crypto regulation.
While the announcement came with limited specifics regarding the focus areas of the task force, it underscores a mutual interest in fostering collaboration in the growing digital asset market.
The backdrop for this initiative is particularly relevant, as the UK has been grappling with a prolonged downturn in its capital markets. Many companies have opted to relocate their listings from London to New York, attracted by the promise of higher valuations and a more favorable regulatory environment.
In contrast, the UK has faced criticism from crypto executives for its slow regulatory response, which has left it trailing behind the US and other competitive financial hubs.
Former Conservative Chancellor George Osborne has been vocal about the challenges facing the UK in the crypto space, warning that the country risks becoming irrelevant amid a financial revolution reminiscent of the “Big Bang” era of the 1980s.
The UK Crypto asset Business Council, a trade organization, welcomed the announcement of the task force, viewing it as a strong endorsement from the US of the UK economy. They emphasized that if executed correctly, this initiative has the potential to invigorate the City of London and strengthen the transatlantic economy.
Featured image from DALL-E, chart from TradingView.com
