The British-American Task Force on Future Markets (TTMF) has published 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 with the participation of His Majesty's Treasury and the US Department of the Treasury, contains direct support for stablecoins and promises to harmonize the regulation of tokenization on both sides of the Atlantic. The initiative was announced by Chancellor of the Exchequer Rachel Reeves and US Treasury Secretary Scott Bessent during Donald Trump's visit to the UK in September 2025.
Of the ten points, five directly relate to the crypto market. The first recommendation is the creation of a private working group to test cross-border scenarios with tokenized assets. The second is a mandate for the Bank of England, CFTC, FCA, and SEC to develop common approaches to regulation. The focus is on the finality of settlements for transactions with tokenized securities, as well as the possibility of using stablecoins and tokenized money market funds as collateral with central counterparties.
The third recommendation involves a joint statement on stablecoins to support the cross-border market. The fourth describes a multi-currency ecosystem where stablecoins, tokenized deposits, and other forms of digital money operate in a unified framework. The fifth is a joint push in the Basel Committee for rules on crypto assets that are not tied to a specific technology and are based on actual risks.
Coinbase's View: A Historic Opportunity
Katie Harris, Head of Policy for Coinbase in Europe, called the initiative a colossal opportunity for the two largest financial centers to rethink global capital markets through tokenization.
"The TTMF recommendations open up a colossal opportunity for two leading financial centers to rethink global capital markets through tokenization. It's great to see support for stablecoins as a key settlement asset for cross-border on-chain operations, as well as a commitment to regulatory alignment in the field of digital assets and tokenized markets. The US is betting on decentralized finance to fully unlock the benefits of tokenization, and this is a critically important moment for transatlantic cooperation on next-generation financial infrastructure on the blockchain," Harris stated.
Analyst's Comment: For now, this is merely a declaration of intent, not a change in legislation. However, the very fact that two key regulatory centers of the West—London and Washington—sat down at the same table and agreed on a roadmap speaks volumes. The market has long been waiting for a signal that institutional players will stop fearing jurisdictional risks. If the recommendations translate into actual regulations, we will see explosive growth in the tokenization of real-world assets (RWA) and stablecoin liquidity. Progress will be tracked through the joint Financial Regulatory Working Group (FRWG), which adds transparency and accountability to the process.