UK and US to Announce Strategic Crypto Partnership
In a move that underscores the growing importance of digital currencies, the United Kingdom (UK) and the United States (US) are set to announce a groundbreaking agreement aimed at boosting collaboration on cryptocurrencies. This development was reported on Tuesday by the Financial Times.
High-Level Discussions on Cryptocurrency Collaboration
As per the Financial Times, key discussions took place today between UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent. The meeting included significant players from the cryptocurrency sector, such as Coinbase (COIN), Circle (CRCL), and Ripple, as well as renowned banking institutions like Citigroup, Bank of America, and Barclays.
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Sources revealed that this agreement was orchestrated at the eleventh hour, spurred by a letter from cryptocurrency industry organizations. These groups urged the UK government to prioritize digital assets and blockchain technology in any emerging trade pacts with the US, particularly in light of the upcoming state visit by former President Trump.
Emphasis on Stablecoins in Trade Negotiations
The proposed agreement places a special emphasis on stablecoins, as UK officials believe these digital assets could significantly improve access for UK enterprises to some of the world’s most liquid financial markets. This focus is expected to form a key pillar of the new partnership.
A Unified Vision for Digital Asset Potential
Participants in the discussions reportedly shared a common vision that enhanced cooperation between the UK and US could unlock substantial opportunities within the digital asset domain. Chancellor Reeves had earlier highlighted the potential for aligning capital markets, including digital asset regulations, during a dinner with US Ambassador to London Warren Stephens. This alignment is anticipated to be a focal point of discussions during Trump’s visit.
British officials are optimistic that these collaborative efforts will pave the way for deeper integration of capital markets, which will likely be a highlight of conversations between Trump and UK Prime Minister Sir Keir Starmer.
Calls for the UK to Catch Up
In a recent commentary in the Financial Times, George Osborne, a former UK chancellor and current member of Coinbase’s global advisory council, expressed concern over the UK’s lagging position compared to the US in the realm of cryptocurrencies. He stated, “On crypto and stablecoins, as on too many other things, the hard truth is this: we’re being completely left behind. It’s time to catch up.”
Last year, SEC Commissioner Hester Peirce proposed the idea of a joint digital sandbox for the UK and US. This initiative could grant regulators access to more extensive data across various contexts, simplifying market entry for stakeholders in both nations.
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