The U.S. Department of the Treasury and HM Treasury published a 10-point roadmap on July 14, 2026. It comes from the Transatlantic Taskforce for Markets of the Future, known as TTMF. Both governments want to reduce regulatory friction across tokenized securities, stablecoins, and cross-border digital asset activity. The roadmap does not create new rules. Instead, it maps areas where U.S. and UK regulators will coordinate more closely on shared standards. According to CoinDesk’s report on the release, the recommendations target the two largest capital markets in the world.
Well done @SecScottBessent and Chancellor @RachelReevesMP for showing that digital assets and tokenization are becoming an integral part of global capital markets.🇺🇸🇬🇧
— Faryar Shirzad 🛡️ (@faryarshirzad) July 14, 2026
The world's two leading financial centers have taken a meaningful step towards bringing capital markets onchain… https://t.co/7Hg4RWpFSE
Origins of the Taskforce
The Transatlantic Taskforce launched in September 2025 during President Donald Trump’s state visit to the United Kingdom. Treasury Secretary Scott Bessent and UK Chancellor Rachel Reeves unveiled the group in a joint statement. HM Treasury officials chair the body alongside U.S. Treasury counterparts. Additionally, representatives from the SEC, CFTC, Federal Reserve, OCC, FDIC, Financial Conduct Authority, and Bank of England participate. The U.S. Treasury press release SB0256 outlined the initial mandate. Moreover, the group was designed to report back within 180 days with concrete recommendations.
🇬🇧 NEW: BlackRock, Goldman Sachs, JPMorgan, Morgan Stanley, Ripple, and 49 other firms have joined the UK’s tokenization taskforce to develop live tokenization use cases across financial markets. pic.twitter.com/z0oAGPSyAb
— Cointelegraph (@Cointelegraph) July 13, 2026
What the Roadmap Covers
The roadmap groups recommendations across digital assets, capital markets, and cross-border cooperation. Regulators will explore common approaches for settling tokenized securities on shared rails. In addition, they will study whether stablecoins or tokenized money market funds can serve as collateral in financial markets. The SEC and FCA will jointly examine ways to simplify cross-border capital raising for issuers. Meanwhile, both sides plan to review derivatives supervision, market data transparency, and international accounting standards. Notably, industry-led tokenization pilots also feature in the plan.
Stablecoins Take Center Stage
Stablecoin coordination sits at the heart of the roadmap. The U.S. GENIUS Act became law in July 2025 and moves to final rules this month. However, UK stablecoin authorization rules under the Financial Conduct Authority are expected in late 2026. As a result, cross-border stablecoin activity currently faces reserve and licensing gaps between jurisdictions. Bessent framed stablecoins and tokenization as “new frontiers in financial technologies” that will shape the future of money. Furthermore, he said the U.S. “should not consign itself to the sidelines while that future is built elsewhere.” The Winter 2026 Working Group joint statement confirmed both sides support stablecoin adoption for payments.
Industry Engagement and the UK’s Domestic Push
Firms including Coinbase, Circle, Ripple, Citi, Bank of America, and Barclays have joined TTMF industry engagement sessions. Notably, the taskforce held a second engagement day in London in early 2026. Coinbase policy chief Faryar Shirzad urged the taskforce to deliver “ambition and disruption” for tokenized markets. In parallel, HM Treasury unveiled a 54-firm domestic tokenization taskforce on July 13, 2026. Participants include BlackRock, Goldman Sachs, JPMorgan, Morgan Stanley, HSBC, UBS, Fidelity, DTCC, and LSEG. The Woolard report attached to that effort projects up to £33 billion in annual economic output and £14 billion in yearly tax revenue by 2035.
Regulatory Divergence Remains the Hard Problem
Alignment sounds simple, yet reserve and licensing rules still diverge sharply. For example, the GENIUS Act and the UK regime differ on what qualifies as an acceptable stablecoin reserve. Consequently, issuers often maintain separate entities or token variants per region. The roadmap tries to close that gap through coordinated supervisory perimeters rather than a single global rulebook. Additionally, both Treasuries will keep reporting progress through the U.S.-UK Financial Regulatory Working Group. Ultimately, the next 12 months will show whether transatlantic coordination can outpace fragmentation across other jurisdictions.
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