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U.S. and UK financial authorities discussed stablecoins, tokenized markets and payment modernization during the 13th UK-U.S. Financial Regulatory Working Group meeting.
The meeting took place in London on July 8, with a joint summary released on August 4. No new binding rules or implementation deadlines were announced, but officials reiterated broad support for responsible digital asset development.
Seven Regulators Join US and UK Treasury Officials
Officials from the U.S. Treasury and HM Treasury met representatives from seven regulatory bodies: the Bank of England, Financial Conduct Authority, Federal Reserve, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Securities and Exchange Commission.
The group discussed digital finance, payment services, artificial intelligence, cybersecurity, operational resilience and wider financial regulation.
GENIUS Act and UK Tokenization Strategy Lead Talks
U.S. officials updated the group on implementation of the GENIUS Act, which created a federal framework for payment stablecoins, and continuing work on digital asset market-structure rules.
UK officials presented progress on their domestic digital asset regime and the Wholesale Financial Markets Digital Strategy. The meeting also covered the G20 Cross-border Payments Roadmap and regulatory priorities for tokenization.
July 14 Statement Calls for One-to-One Stablecoin Reserves
A separate U.S.-UK stablecoin statement was published on July 14, six days after the working group meeting.
The two governments said stablecoins presented as money should be backed at least one-to-one by high-quality liquid assets. Issuers should segregate reserves, support timely redemption and provide holders with clear legal rights if the issuer fails.
The statement also supports pathways that could allow stablecoins issued under one jurisdiction’s rules to access the other market. Any arrangement would remain subject to each country’s laws, regulations and supervisory processes.
Both governments also backed the coexistence of regulated stablecoins, tokenized deposits and similar forms of private digital money.
Working Group Will Reconvene in Early 2027
The July 8 talks did not replace the separate regulatory frameworks being developed in the United States and United Kingdom. Officials plan to continue work on digital assets and tokenized markets through the Transatlantic Taskforce for Markets of the Future.
Its recommendations include industry testing of cross-border tokenized assets and possible common approaches to tokenized collateral and settlement. The Financial Regulatory Working Group is scheduled to reconvene in early 2027.
