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

Industry figures warned that continued legislative limbo could slow institutional adoption, revive regulation by enforcement and push innovation offshore.

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.