The U.S. and U.K. have agreed to form a “Transatlantic Taskforce for Markets of the Future” to coordinate policy on digital assets and capital markets. The move comes as the U.K. prepares to lift its ban on Bitcoin Exchange-Traded Notes (ETNs) on Oct. 8, opening the London Stock Exchange to crypto-linked products for the first time since 2021.
The new task force will focus on near-term cooperation while regulatory frameworks are still evolving, with the possibility of deeper collaboration over the long run. Beyond digital assets, it will also aim to improve cross-border investment flows between London and Wall Street.
ETNs, widely used across Europe on venues such as Deutsche Börse Xetra and SIX Swiss Exchange, differ from ETFs in that they are unsecured debt instruments, offering less investor protection. Despite these risks, several crypto ETNs have reached more than $1 billion in assets under management.
The Financial Conduct Authority’s reversal reflects a broader policy shift toward accommodating crypto markets. BlackRock, WisdomTree, and 21Shares are among asset managers preparing to launch Bitcoin ETNs in London.
Closer U.S.–U.K. cooperation could eventually pave the way for spot crypto ETFs, but analysts caution such a move remains unlikely in the short term.
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