I ENVY that.
Once again the US is sucking it's own exhaust pipe thanks to lack of things like your data protection/security laws, GDPR aside.
Because of the influence of our (Large, Corrupt, Inept, Expensive-Choose 3) carriers lobbied hard to kill any form of MFA other than SMS and our banks are security inept and rely on insurance to lay of their laibility it's a little different out here.
SMS codes have been required to log into both the mobile and desktop sites as well as the app. There is no opt out. There is no alternate if your line doesn't support SMS, or you work in a basement. There is no support for TOPT/Authenticator or FIDO/yubikeys. In addition, many still send clickable links, and at least one major US carrier, Verizon, attempts to hijack and re-write both HTTP and HTTPS traffic. When I was in the EU the last three times, I was able to get a local SIM, and a months call/data/sms for less than a third of what I pay for monthlies here. In addition, to make things easy for local law enforcement to spy on me, the carriers still push config profiles onto almost all of our phones that enable an SS7 downgrade attacks to succeed. They also require people to fill out "Security Questions" most of which are either re-usued by every other site and service in the world, are easily guessable or public information, or are vague and could change over time. Because my favorite song isn't the same today as it was when I opened my account decades ago when I graduated high school.
So while I thing that some of stuff in the article sounds like the government overreacting over stuff that it's leaders ship does not fully grasp, most of it is solid, and change clearly won't happen by its self. Sadly, in the US we aren't even that far along.
It's not that hard, and we literally can copy the moves the better players in the EU have already made, using off the shelf solutions they already sell. If I wasn't a victim of the american education system I'd emmigrate, but not for the SMS stuff. You all might have notices we got other problems.
...and your food is better. That we can get here though.