US crypto bill rejection opens strategic window for Hong Kong digital asset hub push

The US Senate's rejection of the Clarity Act, a landmark crypto market structure bill, creates a competitive opening for Hong Kong to accelerate its digital asset hub ambitions. Industry insiders suggest the stalled US regulatory progress could attract crypto firms and capital to Hong Kong, though the sector remains in a slump after a brief rally. The development highlights a divergence in crypto regulatory trajectories between the US and Hong Kong, with potential implications for global digital asset flows.