I suspect it wouldn’t work in the US. Principles based regulation requires some level of concensus on principles. We don’t have that in the US. Polarization breeds rules worship because you don’t trust the other people to use their discretion.

Consider, for example, how every major social issue devolves into a Constitutional litigation. Whereas in Europe people just vote on stuff.

And as to regulatory approaches I think you’d be surprised. European regulation is often quite conservative.