Sonja Hutson

And what's behind this pivot, Martin?

So Martin, as the UK has been on this journey, as you said, of looser and looser stablecoin regulation, what are some of the risks associated with that?

Do you think that the approach they're taking now of watering down some of these regulations will ultimately make a difference in the country's ability to attract or retain digital investment?

Martin Arnold is the FT's Financial Regulation Editor.

Thanks, Martin.

Thanks very much.

The war in Iran has rattled Germany's relationship with the U.S., and now it's impacting the country's domestic politics.

Support for the far-right Alternative for Germany Party, or AFD, has surged since it spoke out against the U.S.-led conflict.

The party is now pulling ahead of the ruling Christian Democrats.

Anne Sylvain Chastany is the FT's Berlin bureau chief.

She joins me now to make sense of how the war in Iran might be driving Germans further to the right.

Hi, Anne Sylvain.

Hello.

So give us a little background on the alternative for Germany.

How does it stack up against other populist movements like MAGA in the U.S.

?

Yeah.

Tell me a little bit about why that is.

I mean, during Germany's last federal election, the AFD got the attention of Elon Musk and U.S.

Vice President J.D.