Apex Group CEO Says CLARITY Act Failure Opens Opportunity for Asia, Middle East
Summary
- He said delays in passing the U.S. CLARITY Act would push digital-asset firms to seek alternatives outside the country.
- He said Asia, the Middle East and Bermuda are putting in place regulatory frameworks for future financial products and will capitalize on the U.S. regulatory gap.
- He said the European Union and MiCA are too slow-moving and restrictive to benefit from delays in U.S. legislation.
Forecast Trend Report by Period
Asia and the Middle East could benefit after the U.S. digital-asset market structure bill known as the CLARITY Act failed to clear Congress.
Peter Hughes, chief executive officer of Apex Group, told CoinDesk in an interview on Oct. 24 that delays in enacting the CLARITY Act would push digital-asset firms to seek alternatives outside the U.S.
The U.S. Senate had previously failed to pass the CLARITY Act in September.
Hughes said the legislative delay in the U.S. could create an opening for the digital-asset industry in Asia and the Middle East. Asia is moving quickly, while the Middle East and Bermuda are also putting in place suitable regulatory frameworks for future financial products. Those jurisdictions will capitalize on the regulatory gap in the U.S., he said.
He was more negative on Europe. Hughes said the European Union's Markets in Crypto-Assets regulation, or MiCA, was too slow-moving and restrictive for the region to benefit from delays in U.S. legislation.
Uk Jin
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