Vincent Chok says the Senate postponement lets Hong Kong and Singapore strengthen their digital-asset positions while U.S. rules remain unclear. Next vote in September.
Senate Majority Leader John Thune pushed the CLARITY Act vote to September, and the delay could give Hong Kong and Singapore time to widen their lead as digital-asset hubs, according to First Digital founder and CEO Vincent Chok.
Institutions are stuck waiting for clearer rules on market structure, custody and oversight, Chok said. The prolonged uncertainty in the United States becomes a potential competitive advantage for Asian financial centers, he argued.
Chok said regulatory development outside the U.S. will keep moving regardless of Washington's timetable. Hong Kong and Singapore can use that window to show that defined regulatory frameworks can coexist with innovation, he said. Capital and talent gain clearer alternatives to waiting for U.S. legislation.
James E. Thorne, chief market strategist at Wellington-Altus, separately criticized the postponement. He said legislative ambiguity lets enforcement fill the regulatory vacuum and encourages innovation to move offshore, according to his official X account.
The CLARITY Act now faces additional delay. The next test is whether September revives legislative momentum before competing jurisdictions extend their regulatory lead, Thorne said.
Polymarket odds for the bill passing in 2026 stood at 27% after the Senate delay, according to our crypto market analysis. The postponement follows a Wall Street Journal Editorial Board critique that called for major revisions before lawmakers pass the bill.
Coinbase has said it remains confident the CLARITY Act will pass despite growing political roadblocks. Former Barclays CEO Bob Diamond pressed Wall Street to rally behind the bill during a CNBC appearance.
Senator Elizabeth Warren's office did not immediately respond to a request for comment. The Senate is scheduled to return from recess in early September.
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