“We will have the best framework in the world in which companies can develop,” said Stefan Berger, the conservative German lawmaker who shepherded the EU crypto rulebook that will come into force in the second half of 2024. “We will have everything that you need for a workable market.” It’s an argument that no U.S. policymaker is in a position to make, with American politicians at odds over whether to embrace or discourage the growth of crypto and regulators taking matters into their own hands. The collapse of the digital...