According to CoinMeta, the founder of Apex Group and also CEO Peter Hughes stated that if the United States delays its crypto legislation or fails to establish a clear regulatory framework, related businesses will move to Asia, the Middle East, and Bermuda. He believes that these regions are advancing more quickly and can fill the gap left by U.S. regulation. At the same time, Hughes indicates that Europe will not benefit, as the evolution of its MiCA legislation is slow and has more restrictions. The U.S.'s Clarity legislation did not gain the 60 votes required from the Senate for advancement in September due to disputes over ethical provisions and stablecoin incentives.