CryptoUK, a UK-based cryptocurrency trade association, has announced its integration with The Digital Chamber, a US crypto policy advocacy group. This collaboration signifies a potential major step in cross-border cooperation on digital asset regulation between the United Kingdom and the United States.
In a notice released on Tuesday, CryptoUK stated that its team would operate under The Digital Chamber's framework, establishing a "unified, cross-border advocacy platform." Both organizations have been active in their respective nations, championing policies beneficial to the cryptocurrency and blockchain industry. The Digital Chamber was established in 2014, followed by CryptoUK in 2018.
Su Carpenter, CryptoUK's executive director, commented, "CryptoUK has always aspired to ensure we are driven by policy-led issues, member collaboration, and regulatory engagement."
This partnership emerges at a critical juncture as US lawmakers are actively engaged in negotiations to advance a digital asset market structure bill, aiming to provide regulatory clarity for the industry. Concurrently, in the UK, policymakers have announced plans to collaborate with their US counterparts on exploring crypto laws and regulations.
Crypto advocacy organizations based in the US, including The Digital Chamber, have secured support from former regulators and members of Congress. This backing is particularly relevant as the US administration directs its policies toward the industry. Other notable organizations in this sphere include the Solana Policy Institute, the Blockchain Association, the Crypto Council for Innovation, and the American Innovation Project.
UK Central Bank Advances Stablecoin Framework
On November 10, the Bank of England released a consultation paper proposing a regulatory framework for "sterling-denominated systemic stablecoins." This initiative by the UK's central bank suggests a move to align with the US, which enacted legislation to regulate payment stablecoins in July.
Sarah Breeden, Deputy Governor of the Bank of England, indicated prior to the paper's release that the central bank's actions were a direct response to the US progressing with stablecoin policies. She emphasized the importance of synchronizing regulatory approaches.