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Apex Group founder and CEO Peter Hughes stated that if the US delays crypto legislation or fails to establish a clear regulatory framework, related businesses will move to Asia, the Middle East, and Bermuda. He believes these regions are progressing faster and can fill the regulatory gaps in the US. Hughes also stated that Europe will not benefit because its MiCA bill is evolving slowly and has many restrictions. The US CLARITY bill failed to obtain the 60 votes needed for advancement in the Senate in September due to controversies surrounding ethical provisions and stablecoin rewards.