What Is Crypto Passporting? Adrienne Harris Advocates For US-UK Passporting Scheme
BY
Ben Graham
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A new facet to international financial regulation is crypto passporting. Similar to how European Union (EU) financial services companies can operate across member states under a single license, a US-UK passporting scheme. Crypto companies face significant barriers while expanding internationally. For example – a New York based company trying to expand in London will be impacted by costs and delays. Crypto passporting would allow crypto companies regulated in one country to operate in the other without necessarily undergoing the entire authorization processes.
According to Simon Jennings, executive director of the UK Cryptoasset Business Council trade body, “Co-ordinated regulation, including the potential for digital asset passporting, would enhance investor protection, cut compliance costs and make cross-border markets far more interoperable.”
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“You really shouldn’t have ideology in financial regulation,” Said Harris
Adrienne Harris, the departing head of New York’s Department of Financial Services (DFS) has thrown her support behind the US-UK crypto passporting scheme. “You really shouldn’t have ideology in financial regulation,” Harris stated. “You can protect consumers and support business at the same time; this can be mutually reinforcing.”
The DFS has a strong influence on the global cryptocurrency landscape as not only the regulator overseeing major financial institutions including Goldman Sachs, Deutsche bank and Barclays, but also the supervisor of some of the largest crypto companies like Coinbase and Circle.
However, Harris announced her resignation after serving as the department head for four years.
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US-UK Launch Transatlantic Task Force
The US and UK governments have announced a strategic partnership by creating a formal joint task force designed to reduce regulatory friction for firms seeking to access capital across markets. Importantly, the joint task force will coordinate the two countries’ approaches towards cryptocurrency oversight.
The task force was formed during Trump’s visit out of high-level talks between UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent.
On 22 September 2025, the US Department of the Treasury (DoT) released a statement saying, “The purpose of the Taskforce is to explore options for short-to-medium term collaboration on digital assets while legislation and regulatory regimes are still developing, as well as options for long-term collaboration and additional opportunities for wholesale digital markets innovation.”
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Key Takeaways
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