The UK-US Task Force on the Future of Markets (TTMF) has presented ten recommendations aimed at aligning the approaches of the UK and the US in the field of digital assets and capital markets. The document, created by the UK Treasury and the US Department of the Treasury, was announced in September 2025 during Donald Trump's visit to London. Its key objective is to propose concrete mechanisms for closer financial cooperation between the two leading economies.
Of the ten points, five directly concern cryptocurrencies and tokenization. The first recommendation proposes creating a one-year working group to test cross-border scenarios with tokenized assets. The second recommends tasking the Bank of England, CFTC, FCA, and SEC with jointly developing unified regulatory approaches. The focus is on the finality of settlements for transactions involving tokenized securities and the use of stablecoins and tokenized money market funds as collateral with central counterparties.
The third recommendation provides for a joint statement in support of stablecoins to stimulate the cross-border market and harmonize regulation. The fourth describes a multi-currency ecosystem where stablecoins, tokenized deposits, and other forms of digital money operate in a unified framework. The fifth involves joint promotion within the Basel Committee of technologically neutral and evidence-based rules for crypto assets.
Coinbase's View: A Significant Moment for Cooperation
Katie Harris, Head of Policy for Coinbase in Europe, called the TTMF initiative a "colossal opportunity" for the two largest financial centers to rethink global capital markets through tokenization. She emphasized that supporting stablecoins as a key settlement asset and committing to regulatory alignment is a critically important step for transatlantic cooperation on next-generation blockchain-based financial infrastructure.
For now, these are merely intentions: the recommendations do not override current regulatory processes in either country. Agencies will report on progress through the joint Financial Regulatory Working Group (FRWG).
My analysis: This is indeed a landmark moment. If the TTMF recommendations are implemented, we will see not just a convergence of regulatory regimes, but the creation of a unified standard for tokenized assets on both sides of the Atlantic. For the market, this means a sharp reduction in legal uncertainty and an influx of institutional capital that was previously held back due to fragmented rules.