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Lisa Cameron, a previous United Kingdom Member of Parliament and initiator of the UK-US Crypto Alliance, expressed to Cointelegraph her belief that a collaborative “sandbox” between the United States and the United Kingdom is in the works to harmonize their crypto markets.
Speaking with Cointelegraph at the UN City offices in Copenhagen, Denmark, Cameron noted that, based on her organization’s insights, “there will be a sandbox” emerging from a partnership between the US and the UK. She further stated that the UK-US Crypto Alliance is “very enthusiastic about this opportunity.”
Cameron indicated that the UK-US Crypto Alliance arrived at this observation after discussions with US Senators and members of the US Securities and Exchange Commission’s (SEC) Crypto Task Force. She anticipated that the sandbox’s aim would be to “refine some of this concerning passporting” for crypto licenses between the UK and the US.
“Many of the organizations I’ve been in contact with are eager for a regulatory clarity that can facilitate passporting between the UK and the US, and I believe that this could also be advantageous for the EU.”
A continuing partnership
Crypto regulation seems to be gaining traction in the UK. Earlier on Monday, the Bank of England released a consultation document proposing a regulatory framework for stablecoins. The new framework governs sterling-denominated “systemic stablecoins” that are frequently utilized in payments, similar to the US’s GENIUS Act.
The announcement follows recent news that treasury officials in the US and UK established a transatlantic task force to investigate “short-to-medium term collaboration on digital assets.” In mid-September, it was also reported that the UK and US were preparing to enhance cooperation on digital assets.
At that time, reports suggested that the UK was looking to emulate the Trump administration’s favorable stance on crypto. Additionally, in September, UK trade associations pressed the UK government to incorporate blockchain technology in the “Tech Bridge” collaboration with the United States.
Related: UK enforces action: Hundreds of crypto exchanges receive FCA warnings in Oct.
The UK risks missing the opportunity
Cameron voiced her concern that “there’s a fleeting chance that will disappear” and emphasized the necessity for the UK to respond rapidly and intelligently. She feels that crypto regulation is not receiving the political attention it warrants.
“It’s concerning to me and to many in the industry that businesses are opting to exit the UK […] and also that they are moving to other jurisdictions because they do not perceive adequate support even at the initial stage now within the sector,” she remarked.
Cameron concluded that the US’s proactive policy stance has heightened the urgency for the UK to act promptly. “I believe now that the US has been very clear and straightforward in its political direction regarding emerging technologies, the UK cannot afford to delay and must act urgently.”
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