The UK and US are reportedly preparing to deepen cooperation on digital assets, with Britain looking to copy the Trump administration’s crypto-friendly stance in a bid to boost innovation.
UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent discussed on Tuesday how the two nations could strengthen their coordination on crypto, the Financial Times reported on Tuesday, citing people familiar with the matter.
The discussions also involved representatives from crypto companies, including Coinbase, Circle Internet Group and Ripple, with executives from the Bank of America, Barclays and Citi also attending, according to the report.
The agreement was made “last-minute” after crypto advocacy groups urged the UK government on Thursday to adopt a more open stance toward the industry, claiming its cautious approach to the sector has left the country lagging in innovation and policy.
Deal to include stablecoins, look to unlock adoption
Any deal between the countries is likely to include stablecoins, the Financial Times reported, an area of crypto that US President Donald Trump made a policy priority and in which his family has significant business interests.
The Financial Times reported on Monday that UK crypto advocacy groups also slammed the Bank of England’s proposal to limit individual stablecoin holdings to between 10,000 British pounds ($13,650) and 20,000 pounds ($27,300), claiming it would be difficult and expensive to implement.
UK banks appear to have slowed adoption too, with around 40% of 2,000 recently surveyed crypto investors saying that their banks had either blocked or delayed a payment to a crypto provider.
Many of these actions have been linked to concerns over volatility, fraud and scams.
The UK has made some progress on crypto regulation recently, proposing a framework in May that would see crypto exchanges, dealers, and agents treated similarly to traditional finance firms, with strong compliance checks particularly focused on transparency and consumer protection.
Reeves reportedly hopes that a closer alignment of rules with the US would give British companies more access to the US markets and attract greater American investment.
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One of the people familiar with the matter told the Financial Times that there is a “huge opportunity for the UK in digital assets,” and the Trump administration’s crypto stance was seen as “vital to unlocking adoption” in Britain.
British officials reportedly said that work is already underway with the US to develop digital securities sandboxes where companies using blockchain in financial services can test the technology.
UK adults see long-term potential in crypto investing
A recent study conducted by UK insurance company Aviva found that 27% of 2,000 polled adults were open to crypto in their retirement funds, with over 40% of those open to crypto saying they were motivated by the higher potential returns.
Around one in five of respondents — equivalent to about 11.6 million people — said they hold, or have held, crypto, while about two-thirds of those said they still own crypto in some capacity.
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