[U.S. Regulators Call for Establishing a Crypto Passport Mechanism with the UK]
BlockBeats News, September 30, according to the Financial Times, Adrienne Harris, head of the New York Department of Financial Services (DFS), stated in an interview that following the agreement of the UK-U.S. 'Future Markets' task force, a passporting plan under regulatory cooperation is a 'very interesting' opportunity. Harris noted that the 'borderless nature' of the crypto market makes collaboration and standardization among global regulators increasingly important.
Earlier this month, U.S. Treasury Secretary Scott Besant and UK Chancellor of the Exchequer Rachel Reeves announced plans to establish the UK-U.S. 'Future Markets' task force but did not elaborate on its focus. The task force will be led by officials from both countries' finance ministries, consult with industry executives, and submit a report within 180 days. When asked whether this could facilitate U.S. and UK crypto companies entering each other's markets, Harris said she 'cannot speak on behalf of Washington policymakers about the potential outcomes of the collaboration, but I think a passporting plan could be very interesting.' The crypto asset industry has been lobbying officials to explore a passporting plan between the U.S. and the UK, allowing companies licensed in one market to operate in the other without undergoing a full authorization process.
Simon Jennings, Executive Director of the UK Cryptoasset Business Council, stated: 'Coordinated regulation, including the potential for a digital asset passport, will enhance investor protection, reduce compliance costs, and make cross-border markets more interoperable.'