CLARITY Act delay gives Asian financial hubs an opening: First Digital CEO

The US Senate’s delay of a vote on crypto market structure legislation could give Hong Kong and Singapore more time to strengthen their positions as digital asset hubs, according to First Digital founder and CEO Vincent Chok.On Friday, Thune’s office confirmed to Cointelegraph that the Senate would not vote on the legislation before the August recess. Thune cited Democratic opposition and said the bill would be a priority when senators return in September.Chok, whose company issues the FDUSD stablecoin, said the delay could give jurisdictions with clearer regulatory frameworks an advantage in attracting capital and talent as US uncertainty weighs on institutional adoption. He said the postponement leaves institutions without clear rules on market structure, custody and oversight. “Markets can adapt to slower timelines, but what they struggle with is prolonged uncertainty,” he said in a statement sent to Cointelegraph.Delay fuels concerns over enforcement and offshore innovationChok said regulatory progress outside the US would continue regardless of the CLARITY Act’s timetable. “For Asia, this delay gives regional financial hubs like Hong Kong and Singapore additional time to demon...