Cool cryptic setter meeting King Edward (6,4)
I believe the answer is:
street cred
'cool' is the definition.
(a cool reputation)
'cryptic setter meeting king edward' is the wordplay.
'cryptic' indicates anagramming the letters (a cryptic or obscure order of the letters).
'meeting' says to put letters next to each other.
'king' becomes 'CR' (short for Carolus Rex, King Charles in Latin).
'edward' becomes 'Ed' (short for Edward).
'setter' is an anagram of 'street'.
'street'+'cr'+'ed'='STREET CRED'
(Other definitions for street cred that I've seen before include "Acceptability amongst the "with it" young" , "rapport with the people?" , "Smartness" , "Acceptability in popular culture" , "status in the city - with 12a" .)