Lisa Cameron, a former United Kingdom Member of Parliament and founder of the UK-US Crypto Alliance, told Cointelegraph she believes a joint “sandbox” between the United States and the United Kingdom is in development to align their crypto markets.
Talking to Cointelegraph at the UN City offices in Copenhagen, Denmark, Cameron said that, according to her organization’s understanding, “there will be a sandbox” resulting from a collaboration between the US and the UK. She added that the UK-US Crypto Alliance is “very excited about this potential.”
Cameron said that the UK-US Crypto Alliance reached this conclusion after speaking with US Senators and members of the US Securities and Exchange Commission’s (SEC) Crypto Task Force. She said she would expect the sandbox’s purpose to be to “iron out some of this in terms of passporting” for crypto licenses between the UK and the US.
“A lot of the organisations I’ve been speaking to would really like a regulatory clarity that can enable passporting between the UK and the US, and I think that that’s possibly also something that the EU could benefit from as well.”
An ongoing collaboration
Crypto regulation appears to be gaining momentum in the UK. Earlier on Monday, the Bank of England published a consultation paper proposing a regulatory framework for stablecoins. The new framework regulates sterling-denominated “systemic stablecoins” that are widely used in payments, much like the US’s GENIUS Act.
The statement follows recent reports that treasury authorities in the US and UK created a transatlantic task force to explore “short-to-medium term collaboration on digital assets.” In mid-September, the UK and US were also reported to be preparing to deepen cooperation on digital assets.
Reports at the time suggested that the UK was looking to copy the Trump administration’s crypto-friendly stance. Also in September, UK trade groups urged the UK government to include blockchain technology in the “Tech Bridge” technology collaboration with the United States.
Related: UK cracks down: Hundreds of crypto exchanges hit with FCA warnings in Oct.
The UK risks missing the train
Cameron said that she is worried that “there’s a window of opportunity that will pass, and stressed the need for the UK to act quickly and smartly. She believes that crypto regulation is not as much of a political priority as it should be.
“It’s a worry to me and to many in the sector that companies are choosing to leave the UK […] and also that they are going to other jurisdictions because they don’t feel the support is there even at the startup stage now within the sector,” she said.
Cameron added that the US’s assertive policy direction has intensified the need for the UK to move swiftly. “I think now that the US has been really very clear and direct in its political direction with regard to emerging frontier technologies, the UK has no time to lose and must act very quickly.“
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