UK Treasury eager to work with crypto friendly US government on driving growth

The UK Treasury said its planning to work with the United States to better support innovation across the burgeoning crypto industry, according to a statement released Tuesday.

Chancellor of the Exchequer Rachel Reeves said she's looking to make "Britain the best place in the world to innovate" and that includes supporting companies working in crypto, according to a statement. "Firms offering services for cryptoassets like Bitcoin and Ethereum will be subject to new, clear rules, boosting investor confidence and driving growth through the Plan for Change," Reeves said in the statement.

The UK Treasury's willingness to work with the U.S. government on supporting the digital assets sector comes after Reeves recently met with U.S. Treasury Secretary Scott Bessent in Washington D.C. where they discussed, in part, collaboration around digital assets regulation, according to the release. The two also discussed proposals related to digital assets put forth by Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission tasked with leading the Crypto Task Force. 

The UK ramping up efforts to bolster the cryptocurrency industry through pro-business regulation stands to mirror recent developments in the U.S. where President Trump's administration has flipped the script when it comes to engaging and regulating companies working with crypto. Since Trump took office his administration has made several inroads to support the digital assets industry as the president has publicly embraced crypto.

According to the UK Treasury, discussions between the UK and U.S. treasuries will continue. Reeves will once again be talking with the U.S. government on ways to "support the use and responsible growth of digital assets" at a scheduled meeting called the UK–U.S. Financial Regulatory Working Group, Tuesday's statement also said.

Already this year the UK Treasury has demonstrated a willingness to alter existing rules in order to benefit digital assets firms. In January, it amended the Financial Services and Markets Act 2000 so that cryptocurrency firms operating within the UK and offering staking services would no longer be subject to stringent regulations.