According to online reports, several industry executives said in interviews with CNBC that the UK needs to increase its efforts to become the center of the global encryption industry to avoid falling behind countries such as the United States. Although the UK has expressed its desire to become a crypto hub since 2022, it only this week that comments on draft industry legislation began. In contrast, the European Union has implemented the Cryptographic Asset Markets Act (MiCA), while the new Trump administration is promoting industry development and deregulation. Cassie Craddock, managing director of blockchain company Ripple UK and Europe, pointed out in an interview with CNBC: "Other jurisdictions have begun to seize opportunities. "Keith Grose, head of Coinbase UK, told CNBC: " I think the UK will eventually do it right, but if it goes wrong, it risks driving innovation to other markets. "