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According to CoinDesk, cryptocurrency industry executives have told CNBC that the UK needs to work harder to become the global center of the cryptocurrency industry to avoid falling behind countries like the US. Although the UK has proposed its goal of becoming a crypto hub since 2022, the first industry legislation draft only started public consultation this week, while the EU has fully implemented MiCA regulations, and the Trump administration in the US is pushing for stablecoin bills and relaxing regulation. Jaidev Janardana, CEO of Zopa, a digital bank, said, "In terms of innovation speed, I do feel that the United States is leading - although they also face their own challenges. But looking at Singapore and Hong Kong, you will find that the innovation speed there is also much faster. I think we are still ahead of the European Union in innovation, but we cannot be complacent about it." Cassie Craddock, Managing Director of Ripple, said that other jurisdictions have seized the opportunity. Mark Fairless, CEO of payment infrastructure company ClearBank, stated that his company has been seeking to develop its own stablecoin, but has been hindered by unclear regulatory requirements.