The Impact of Regulation on the Global Industry

I would imagine that the impulse to invest a lot in developing that technology even in the United States might be muted somewhat if the understanding ex ante is that Europe is simply not going to be interested. I think we've seen this in other areas emerge. As I mentioned with data privacy, we've seen Europe kind of emerge with a much more regulatory approach than the U.S. We may see these countries with burdensome regulations actually lose out on the technology benefits and the innovative benefits but also on that economic investment.