The Future of Cryptocurrency Regulation

I don't know that the rally that we have seen in various crypto assets this year has been driven by any optimism per se on the regulatory side. I think it's tough to say at this point, Gary Gensler has been very vocal that he views crypto is the wild west. The EU seems to have a little bit more of a handle on this, or maybe I'm reading too far between the lines here? Do they just not know what the future is for regulating Bitcoin and other assets like this?