US, UK Outline Recommendations to Align Stablecoin and Tokenization Rules

Five cover digital assets and the rest address traditional capital markets, though none are binding rules, leaving each country to complete its own regulatory processes under a shared direction.

On the digital-assets side, the taskforce wants regulators, the Bank of England, the FCA, the SEC, and the CFTC, to find common approaches to tokenized assets, including how tokenized securities reach settlement finality and whether stablecoins and tokenized money market funds can serve as collateral at clearing houses. It calls for a private sector-led group to spend a year testing cross-border tokenization use cases, and for a "multi-money ecosystem" in which stablecoins, tokenized bank deposits, and other digital money coexist.

Crypto firms welcomed the direction. Katie Harries, Coinbase's head of policy for Europe, called the recommendations a “critical moment for transatlantic cooperation,” highlighting the opportunity for the two financial centres to "reimagine global capital markets through tokenisation."