U.S. and UK Treasuries Release Joint Statement and Recommendations to Promote Stablecoin Innovation

Odaily Planet Daily News The U.S. Department of the Treasury and the UK's His Majesty's Treasury have issued a joint statement and recommendations as part of the "Transatlantic Working Group for Future Markets." The working group recommends that the Bank of England, the FCA, along with the U.S. CFTC and SEC, develop regulatory frameworks for tokenized assets while requiring the FCA and SEC to explore measures to facilitate cross-border financing. In terms of specific recommendations, both the U.S. and UK propose: supporting the development of stablecoins, tokenized deposits, and similar digital assets; promoting market competition and innovation; and establishing higher standards for asset custody, reserve segregation, and consumer protection. (The Block)