The US-UK Transatlantic Working Group releases a digital asset roadmap, promoting stablecoin innovation

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ME News, July 15 (UTC+8), ME News, July 15 (UTC+8): The United States and the United Kingdom are deepening cooperation on digital assets and have issued a joint statement on the Transatlantic Future Markets Working Group. It says that regulated stablecoins have the potential to improve the efficiency and competitiveness of the financial system. The working group was established last year to deepen cooperation between the two countries and reduce market fragmentation. The joint statement calls on the Bank of England, the UK Financial Conduct Authority (FCA), and the US CFTC and SEC to develop plans for how tokenized assets should be handled, and instructs the FCA and SEC to “explore options to promote cross-border financing.” The statement also proposes supporting competition and innovation in assets such as stablecoins and tokenized deposits, emphasizing standards including custody, reserve segregation, and consumer protection, and providing stablecoin holders with clear priority legal claims in the event of bankruptcy. The statement comes one year after the passage of the US GENIUS Act. During a hearing of the House Financial Services Committee, Federal Reserve Chair Kevin Warsh said, “We are right on time to roll out the relevant rules before the July 18 deadline.” (Source: ChainCatcher)
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