If the question is directed to me, I can add a couple of comments.
The United States in some respects is more developed, and in some respects less developed. The United States does not have a consistent national framework for the regulation of crypto trading platforms of the kind we have in Canada. At the same time, for example, the State of New York has a regulatory framework for crypto businesses and crypto custodians, and the largest custodians in the world are predominantly located in New York. The experience of New York may be instructive to the committee in terms of considering different modes of regulation, particularly with respect to crypto-asset custody.
In Europe, the EU recently introduced a framework for regulation called MiCA, but it is yet to be implemented. The United Kingdom has been doing, I would say, more forward-looking work and has not yet introduced legislation, to my knowledge.
Again, Canada is ahead in many respects. There are opportunities to learn. New York and the EU might be instructive models for the committee's consideration.