The joint UK-US Task Force on Future Markets (TTMF) has published a package of ten key recommendations aimed at harmonizing approaches to regulating digital assets and capital markets. The document particularly highlights support for stablecoins, as well as an ambitious plan to unify tokenization rules on both sides of the Atlantic.
The initiative, announced in September 2025 during Donald Trump's visit to the UK, originated within His Majesty's Treasury and the US Department of the Treasury. The TTMF was tasked with proposing concrete mechanisms to deepen financial cooperation between the world's two leading economies.
Five Steps Toward a Unified Crypto Space
Of the ten recommendations, exactly half—five—directly address digital assets. The first and perhaps most practical: establishing a private working group for one year to test cross-border scenarios with tokenized assets. The second recommendation is to task 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 possibility of using stablecoins and tokenized money market funds as collateral with central counterparties.
The third recommendation is a joint statement supporting stablecoins, which should boost the cross-border market and synchronize regulatory standards. The fourth describes a multi-currency ecosystem where stablecoins, tokenized deposits, and other forms of digital money operate as a cohesive whole. Finally, the fifth is joint advocacy in the Basel Committee for technology-neutral rules for crypto assets, based on facts rather than ties to a specific technology.
Coinbase's View: A Moment of Truth for Cooperation
Katie Harris, Head of Policy for Coinbase in Europe, called the TTMF initiative a historic opportunity for the two largest financial centers to rethink global capital markets through the lens of tokenization. She emphasized that it is particularly encouraging 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 digital assets and tokenized markets.
"The US is betting on decentralized finance to fully unlock the benefits of tokenization, and this is a critical moment for transatlantic cooperation on next-generation blockchain-based financial infrastructure," Harris stated.
It is important to understand: these are currently just intentions. The recommendations do not override existing regulatory processes in either country. Authorities will report on progress through the joint Financial Regulation Working Group (FRWG).
Cryptalist Analytical Commentary: This initiative is the most significant signal of the crypto market's institutional maturity in recent years. If the TTMF recommendations are implemented, we will witness not just a harmonization of rules, but the creation of a unified transatlantic "sandbox" for tokenization. For investors, this means reduced regulatory uncertainty and the opening of gateways for institutional capital, which has so far been held back by fragmented jurisdictions. Stablecoins finally gain the status of a full-fledged money market instrument, rather than a "gray area."