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UK and US launch joint taskforce to streamline capital markets, boost crypto cooperation

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Britain and the United States will establish a new Transatlantic Taskforce for Markets of the Future aimed at cutting red tape for firms seeking to raise capital across both markets and strengthening cooperation on crypto assets, the UK Treasury announced Monday.

The taskforce was agreed by UK finance minister Rachel Reeves and U.S. Treasury Secretary Scott Bessent during President Donald Trump’s recent state visit to Britain. It will be jointly chaired by finance ministry officials from both nations, with regulators also participating. The body is expected to deliver its first recommendations within 180 days, focusing on short-term improvements to collaboration and exploring longer-term opportunities in wholesale digital markets.

The move reflects London’s push to reinforce its role as a global financial hub after losing ground in Europe post-Brexit, with many companies shifting stock listings to the U.S. It also marks an effort to align Britain’s emerging digital asset regulation with the U.S. model, which relies on applying existing financial rules rather than creating an entirely new framework, as the European Union has done.

By smoothing capital markets access and harmonizing crypto oversight, both governments aim to attract investment, reduce compliance burdens, and position themselves at the forefront of digital finance.

CFPB ends Apple and U.S. Bank settlements early under Trump administration shift

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The Consumer Financial Protection Bureau (CFPB) has ended oversight agreements with Apple and U.S. Bank years ahead of schedule, according to recent court filings. The move is part of President Donald Trump’s broader effort to reduce CFPB enforcement and roll back settlements imposed during the Biden administration.

Apple’s settlement stemmed from a 2024 CFPB action that found the company and Goldman Sachs violated consumer protection laws by mishandling disputes on the Apple Credit Card and misleading customers about interest-free transactions. The original agreement required five years of enhanced compliance, but has now been cut short. Apple paid a $25 million civil penalty, fulfilling its financial obligation.

U.S. Bank, meanwhile, faced a 2023 settlement over allegations it illegally blocked unemployed consumers from accessing pandemic-era benefits. The deal also required five years of compliance monitoring. The bank has since paid a $15 million penalty, made restitution payments, and pledged corrective measures, leading regulators to end oversight.

The filings also reveal the CFPB under Trump has dropped oversight for other firms, including Toyota and Bank of America, while halting nearly all enforcement actions still pending when Trump took office.

Critics say the changes mark a significant retreat from the agency’s consumer protection role, while supporters argue that excessive monitoring placed unnecessary burdens on businesses.

Circle, Coinbase Surge as Senate Passes Landmark Stablecoin Bill

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Shares of Circle and Coinbase soared on Wednesday after the U.S. Senate passed a landmark bipartisan bill to regulate stablecoins — a milestone that could legitimize and accelerate the growth of this key part of the cryptocurrency industry.

The legislation, known as the GENIUS Act, marks a rare moment of bipartisan agreement on crypto oversight and opens the door for broader adoption of dollar-pegged digital tokens, which aim to combine the convenience of crypto with the stability of fiat currencies.

Circle (CRCL.N) — the issuer of the USDC stablecoin — saw its stock climb 33.8%, closing at $199.59, more than six times its $31 IPO price earlier this month. Coinbase (COIN.O), which co-founded USDC with Circle, rose 16%, while crypto-friendly Robinhood gained 4.5%.

“History is being made,” said Circle CEO Jeremy Allaire on X. He predicted the legislation would enhance U.S. economic competitiveness for “decades to come.”

The bill must still be passed by the Republican-controlled House of Representatives before heading to President Donald Trump, who is expected to sign it by the end of summer.

If enacted, the bill would require stablecoins to be fully backed by liquid assets such as U.S. dollars or short-term Treasuries, with monthly public reserve disclosures — providing a regulatory framework that backers say will boost investor confidence and encourage institutional adoption.

Circle’s USDC is the second-largest stablecoin, with a market cap of $61.4 billion, and has helped power a 51% rise in Coinbase’s stablecoin revenue in Q1 alone. Analysts now see stablecoins evolving beyond crypto into a universal internet payment rail, comparable to digital cash.

“This bill could transform stablecoins from niche financial tools into core internet infrastructure,” wrote analysts at Bernstein.

Other corporates are reportedly exploring launching their own stablecoins, encouraged by the clarity the GENIUS Act promises. Meanwhile, analysts at KBW noted that the bill could also act as a tailwind for cryptocurrencies like bitcoin, which often trade alongside stablecoin demand.

Industry observers say the GENIUS Act is one of two key crypto bills that could become law in 2025 — a turning point for a sector long hindered by regulatory uncertainty.