The head of the U.S. regulatory agency calls for the establishment of a cryptocurrency passport mechanism with the UK

ChainCatcher news, according to the Financial Times, Adrian Harris, head of the New York Department of Financial Services (DFS), stated in an interview that the passport program under regulatory cooperation is a "very interesting" opportunity following the agreement of the UK-US "Future Markets" task force.

Harris noted that the "borderless nature" of the crypto market makes cooperation and standardization among global regulators increasingly important. Earlier this month, U.S. Treasury Secretary Scott Bansen and U.K. Chancellor of the Exchequer Rachel Reeves announced plans to establish the UK-US "Future Markets" task force, but did not provide details on its focus. The task force will be chaired by officials from both countries' treasuries, consulting with industry executives, and will submit a report within 180 days.

When asked whether this could facilitate U.S. and U.K. cryptocurrency companies entering each other's markets, Harris said she "cannot speak on behalf of Washington's decision-makers about the potential outcomes of cooperation, but I think the passport program could be very interesting." The crypto asset industry has been lobbying officials to explore a passport program between the U.S. and the U.K., allowing companies that obtain regulatory approval in one market to operate in the other without a full authorization process.

Simon Jennings, Executive Director of the U.K. Crypto Assets 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."