US Crypto Legislation Stalemate Could Give Asia, Middle East, and Bermuda a Competitive Edge

Odaily: Peter Hughes, founder and CEO of Apex Group, said that if the United States continues to delay crypto legislation or fails to establish a clear and certain regulatory framework for digital assets, related business could flow to Asia, the Middle East, and Bermuda, and these jurisdictions may have an opportunity to fill the regulatory vacuum left by the U.S. Hughes believes Europe will not benefit as a result, and noted that the Markets in Crypto-Assets Regulation (MiCA) has evolved slowly and is relatively restrictive. The U.S. CLARITY Act is intended to clarify federal regulatory rules for digital assets and delineate the regulatory responsibilities of the SEC and the CFTC; in September, the bill failed to secure the 60 votes needed to advance in the Senate due to disputes over ethics provisions, stablecoin rewards, and other issues.