In January, his executive orders declared that crypto would no longer live in regulatory purgatory. While the latter bills are going through the loops in the Senate, the U.S. has a functional crypto regime, legislated and signed. The Financial Services and Markets Act 2023 gave ministers the legal powers, but the Financial Conduct Authority is still “consulting” on custody and stablecoin rules. America is passing laws; Britain is still sending out questionnaires. For decades, London exported financial rules and Washington played catch-up.