As an EU resident, I am not particularly excited about this, because I know that it will take them much more than 5 years to do anything, and all that time will come in handy for Bitcoin to become more mainstream in EU.
Why not excited? Bitcoin is not existing for competition, it is an alternative which also gives privacy. Bitcoin is also an asset, not existing to substitute fiat but as a safe haven and for wealth creation.
What interests me more is whether the EU will at some point start making some bad moves when it comes to Bitcoin or stablecoins, which they obviously consider competition (although they don't explicitly mention Bitcoin).
China is a country controlled only by a single president, Europe is not controlled by a single president. China is a country, Europe are countries. China even ban foreign social media, European countries accept all these social media. China like to act like they are a world on their own, Europes are different, the reason they are part of Western nations. Many countries in Europe are even Bitcoin friendly, China has never been Bitcoin friendly.