US-UK ‘Special Relationship’ gets crypto revival as industry celebrates new taskforce

The US and UK are deepening their cooperation around financial activities, prompting celebration from crypto industry players.

On Monday, UK finance minister Rachel Reeves and US Treasury Secretary Scott Bessent established the Transatlantic Taskforce for Markets of the Future, which aims to enhance collaboration on capital markets, digital assets, and other financial activities.

“This is an opportunity for two of the largest trade partners to sync on regulations, and unlock crypto for a host of uses,” Mike Maloney, CEO of Incyt, a New York-based firm that provides trading software and Bitcoin miner financing, told DL News.

The news comes amid a flurry of initiatives announced as part of President Donald Trump’s state visit to the UK last week.

Since Trump took office in January, the US has prioritised regulating the crypto industry. The government passed landmark stablecoin legislation in July.

So far, crypto regulation in the US has received broad support across the political spectrum, and is viewed favourably by the industry.

UK lawmakers and regulators have been slower to offer a clear steer on digital assets.

In recent weeks, the Financial Conduct Authority has opened a consultation on crypto rules, while a parliamentary group is working to bring crypto back to the forefront of the legislative process after a long hiatus.

“This task force could be the moment where the UK moves from consultation to action,” Anil Oncu, CEO of Bitpace, a London-based fintech focusing on crypto payments, told DL News.

“In the US, regulatory clarity and political momentum have created the conditions for innovation to flourish, particularly around stablecoins and crypto infrastructure,” Oncu said. “That has given businesses and investors the confidence they need to commit at scale.”

‘Special Relationship’

The new taskforce will explore ways the US and the UK can collaborate on digital assets while legislation and regulatory regimes are still developing.

It also aims to improve links between capital markets, enhancing competitiveness and reducing burdens for firms raising capital.

The hope is that the cooperation could standardise financial and crypto regulations between the two nations, driving innovation and opening up new pools of capital.

The cooperation is a throwback to the so-called Special Relationship between the US and the UK that is often used to describe political and diplomatic relations between the two nations and its leaders.

The Special Relationship defined US-UK relations in the 1990s and early 2000s, but it has cooled off in recent years.

That could be changing. At a state banquet on September 17, part of President Trump’s state visit, both Trump and King Charles III hailed the Special Relationship in their respective speeches.

Profound opportunity

The excitement for renewed trans-Atlantic cooperation is spilling over into the crypto industry.

The partnership could be particularly beneficial for the London Stock Exchange because it could attract crypto treasury companies that have thus far preferred US-based exchanges, Maloney said.

Coinbase, the largest US crypto exchange which also operates in the UK, has expressed full-throated support for the partnership.

“Cooperation between these two leading financial centres is critical given the profound opportunity facing global capital markets, coming from tokenisation,” the firm said in a Monday blog post.

Coinbase called on the US on the UK to focus efforts on tokenisation, creating digital tokens on a blockchain that represent ownership of traditional financial assets like bonds or stocks.

The firm also urged the two nations to commit to a transatlantic corridor for stablecoins that it says could help streamline commerce.

The Taskforce will seek input from leading industry experts and is set to report its findings in March next year.

Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.