…So, Bailey is responding to an enacted American framework that codifies the very redemption gap he's worried about. Second, Mika in Europe has already proven that Western regulators can squeeze dollar stable coins through coordinated rule sets. The UK saw it work and they're nationally following. Third, the UK's own authorization gateway opens in September 2026. So Bailey is stake planting before the architecture gets locked in. But there's also an internal tension here that you need to see clearly. Post Brexit, the British Treasury wants London to be a global crypto hub. Chancellor Rachel Reeves keeps repeating that bringing crypto into the regulated parameter is quote a crucial step in securing the UK's position as a worldleading financial center. That is the competitiv…