On 14 July 2026, HMT published recommendations of the Transatlantic Taskforce for Markets of the Future (TTMF).

Background

TTMF was jointly announced by the Chancellor of the Exchequer, Rachel Reeves, and the US Secretary of the Treasury, Scott Bessent. The Taskforce committed to report back to both finance ministries with initial recommendations via the UK-US Financial Regulatory Working Group (FRWG).

Summary of recommendations

The TTMF sets out that it has identified targeted steps that can improve connectivity, enable more efficient and transparent markets, and inform potential alignment of regulatory frameworks:

Digital Assets

  • Recommendation 1: The UK and the United States intend to engage a private sector-led group focused on industry experimentation and testing of cross-border use cases for tokenised assets and sharing of best practices. The engagement will be established on a one-year basis.
  • Recommendation 2: UK and US authorities, including the Bank of England, the Commodity Futures Trading Commission (CFTC), the Financial Conduct Authority (FCA), and the Securities and Exchange Commission (SEC), will seek to identify common approaches to the regulatory treatment of tokenised assets, covering areas such as settlement finality of tokenised securities transactions and the potential eligibility and use of stablecoins and tokenised money market funds as margin collateral at central counterparties.
  • Recommendation 3: The UK and the United States are developing and publishing a joint statement on stablecoins, recognising the importance of fostering a dynamic stablecoin market across borders and seeking regulatory alignment and ongoing dialogue to support it.
  • Recommendation 4: The UK and the United States will support financial innovation through robust policy frameworks for digital financial services, in which stablecoins, tokenised deposits, and other forms of digital money can coexist as part of a multi-money ecosystem to deliver benefits for consumers and businesses.
  • Recommendation 5: The UK and the United States will work to support the targeted review of standards related to the prudential treatment of cryptoassets at the Basel Committee on Banking Supervision, such that the standards are future-proofed, technology-neutral, and evidence-based.

Capital Markets

  • Recommendation 6:  Staff from the FCA and the SEC will explore options to facilitate cross-border capital raising. 
  • Recommendation 7: Following the SEC’s Foreign Private Issuer (FPI) Concept Release in June 2025, SEC staff are considering recommendations to the Commission regarding a proposed rulemaking on reforms to the FPI framework.
  • Recommendation 8: As the UK consolidated tapes come into effect, the FCA and the SEC will explore opportunities for collaboration to support and enhance transparency between the respective tapes.
  • Recommendation 9: The CFTC and the FCA intend to explore converting existing temporary no-action relief for UK Swap Execution Facilities into a longer-term substituted compliance determination, before its expiry date.
  • Recommendation 10: The UK and the United States reaffirmed their shared commitment to high‑quality, proportionate, globally accepted accounting and auditing standards that serve the needs of the investor and other market participants and support transparent, comparable, and reliable financial reporting. The FCA, the Prudential Regulation Authority (PRA), the SEC, and other relevant authorities will collaborate with international efforts to maintain accounting and audit quality by strengthening relevant standard setting bodies.