PANews reported on May 1 that according to CoinDesk, crypto industry executives told CNBC that the UK needs to work harder to become a global center for the cryptocurrency industry to avoid falling behind countries such as the United States. Although the UK has proposed the goal of a crypto hub since 2022, the first draft of industry legislation only launched public consultation this week, while the EU has fully implemented the MiCA regulations and the Trump administration in the United States is promoting the stablecoin bill and relaxing regulations.

Jaidev Janardana, CEO of digital bank Zopa, said: "In terms of the speed of innovation, I do feel that the United States is in the lead - although they also face their own challenges. But if you look at Singapore and Hong Kong, you will find that the speed of innovation there is also much faster. I think we are still ahead of the EU in innovation, but we can't be complacent about it." Ripple Managing Director Cassie Craddock said other jurisdictions have seized the opportunity. Mark Fairless, CEO of payment infrastructure company ClearBank, said his company has been looking to develop its own stablecoin, but has been hindered by unclear regulations.