As the SEC cracks down on Binance and Coinbase, the European Union is introducing a new crypto framework that provides greater clarity for blockchain innovators. The EU's approach of regulating first and then observing the market response could give it an edge over the U.S. Some believe the EU's new Markets in Crypto Assets (MiCA) law makes it well-positioned to compete with the U.S., where big crypto players complain about regulation by enforcement. The MiCA law is said to better match what crypto is for, and some businesses are considering shifting to Europe because of the new framework.