The conjugation of modern technology tends to go: the US innovates, China emulates and Europe regulates. That certainly appears to be the case with artificial intelligence.

After months of intense lobbying, and almost 40 hours of overnight wrangling, exhausted EU policymakers delivered the AI Act last Friday evening and celebrated the world’s most comprehensive legislation governing the transformative technology. It will still take many months before the final wording is agreed and the law is adopted by national legislatures and the European parliament. But snorts of derision quickly followed from across the Atlantic.

Anand Sanwal, chief executive of the New York-based data company CB Insights, wrote that the EU now had more AI regulations than meaningful AI companies. “So a heartfelt congrats to the EU on their landmark AI legislation and continued efforts to remain a nothing-burger market for technology innovation. Bravo!”