US and UK Financial Regulators Discuss Effective Crypto Oversight

The U.S. and U.K. Financial Regulatory Working Group has emphasized the value of effectual regularisation and oversight of crypto assets and markets. They besides reiterated their enactment for the planetary enactment connected crypto assets.

US-UK Financial Regulatory Working Group Discusses Crypto Regulation

The U.S.-U.K. Financial Regulatory Working Group (FRWG) convened successful London for its ninth authoritative gathering connected Jan. 31 and issued a connection summarizing their discussions connected Feb. 5. Key topics discussed by the radical included crypto regularisation and cardinal slope integer currencies (CBDCs).

Participants included officials from HM Treasury, the U.S. Department of the Treasury, the Bank of England, the Financial Conduct Authority (FCA), the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC).

“Representatives offered updates astir caller developments successful crypto-asset markets and discussed planetary engagement wrong the sector,” the connection details, adding:

Participants noted the value of effectual regularisation and oversight of crypto assets and markets and reiterated their enactment for the planetary enactment connected crypto assets.

The moving radical was formed successful 2018 to deepen bilateral regulatory practice with a presumption to the further promotion of fiscal stability; capitalist protection; fair, orderly, and businesslike markets; and superior enactment successful some jurisdictions.

The connection adds that participants besides discussed the publications of the Financial Stability Board (FSB)’s “high-level recommendations to beforehand consistency, fixed the cross-border quality of crypto-asset activities.” They besides discussed the value of these recommendations “as jurisdictions instrumentality their ain frameworks, accordant with the FSB recommendations to debar imaginable regulatory arbitrage.”

Moreover, the Working Group “discussed caller developments successful their respective enactment connected cardinal slope integer currency (CBDC), and U.K. authorities provided an overview of the findings of their caller nationalist consultation connected a integer pound,” the radical noted.

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