US-UK Financial Regulators Advocate Strong Crypto Oversight
The U.S. and U.K. Financial Regulatory Working Group convened in London for its ninth official meeting on Jan. 31, emphasizing the need for effective regulation and oversight of crypto assets and markets.
In a statement issued on Feb. 5, the group, comprising officials from HM Treasury, the U.S. Department of the Treasury, the Bank of England, and regulatory bodies such as the FCA, SEC, and CFTC, reiterated their support for international efforts on crypto assets. The participants discussed recent developments in crypto-asset markets and highlighted the importance of consistent regulations globally.
Additionally, the group delved into the Financial Stability Board’s high-level recommendations for cross-border crypto-asset activities to promote regulatory consistency and avoid potential arbitrage. They also covered updates on central bank digital currencies (CBDCs) and received an overview of the U.K.’s recent public consultation on a digital pound. Formed in 2018, the Working Group aims to deepen regulatory cooperation between the two nations for the promotion of financial stability and efficient markets.
Clever Robot News Desk 8th February 2024