TLDR
- UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent discussed deeper cooperation on digital assets during Tuesday meeting
- Representatives from major crypto companies including Coinbase, Circle, and Ripple attended the discussions along with traditional banks
- The collaboration will likely focus on stablecoins, which Trump has made a policy priority for his administration
- UK crypto groups had urged the government to adopt a more crypto-friendly stance after claiming Britain was lagging behind in innovation
- British officials hope closer alignment with US rules will give UK companies better access to American markets and attract more investment
The United Kingdom and United States are preparing to strengthen their collaboration on cryptocurrency regulation and oversight. This move comes as Britain seeks to adopt a more crypto-friendly approach similar to the Trump administration’s stance.
UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent held discussions on Tuesday about how the two nations could enhance their coordination on digital assets. The meeting included representatives from major cryptocurrency companies and traditional financial institutions.
Together we are delivering investment and opportunity for both our countries.
It was a pleasure to welcome @SecScottBessent to Downing Street today. pic.twitter.com/rvI435Jz0O
— Rachel Reeves (@RachelReevesMP) September 16, 2025
Representatives from Coinbase, Circle Internet Group, and Ripple participated in the talks. Executives from Bank of America, Barclays, and Citi also attended the discussions according to reports.
Stablecoins Take Center Stage
Any agreement between the countries will likely include provisions for stablecoins. This area of cryptocurrency has become a policy priority for US President Donald Trump, whose family has business interests in the sector.
The collaboration comes after UK crypto advocacy groups criticized the government’s cautious approach last week. These groups urged British officials to include stablecoins and tokenization in the US-UK Tech Bridge initiative.
The advocacy groups warned that excluding digital assets from this bilateral technology partnership could leave Britain behind other regions. They argued this stance was hampering the country’s ability to shape the future of finance.
UK banks have reportedly slowed crypto adoption in recent months. Around 40% of 2,000 surveyed crypto investors said their banks had blocked or delayed payments to crypto providers.
These banking restrictions have been linked to concerns about volatility, fraud, and potential scams. The cautious approach has frustrated industry participants who want easier access to digital asset services.
Regulatory Framework Development
The UK has made some progress on crypto regulation this year. In May, the government proposed a framework treating crypto exchanges, dealers, and agents similarly to traditional finance firms.
This framework includes strong compliance requirements focused on transparency and consumer protection. The rules aim to provide clarity while maintaining appropriate oversight of the sector.
British officials hope closer alignment with US regulations will benefit UK companies. They believe this coordination could provide better access to American markets and attract more investment from US firms.
Work is already underway between the two countries to develop digital securities sandboxes. These testing environments would allow companies using blockchain in financial services to trial new technologies under regulatory supervision.
A recent study by UK insurance company Aviva found growing interest in cryptocurrency among British adults. About 27% of 2,000 polled adults expressed openness to including crypto in their retirement funds.
The meeting between Reeves and Bessent occurred as President Trump was scheduled to arrive in the UK on Tuesday evening for official visits.
