The Reflex Map

Today in crypto, Reform UK chair Lee Anderson called for an investigation into a political donation linked to former FTX CEO Sam Bankman-Fried, while the US Senate pushed its vote on the CLARITY Act to September. Meanwhile, First Digital CEO Vincent Chok said the delay could give Hong Kong and Singapore more time to strengthen their positions as digital asset hubs.Reform UK chair seeks probe into SBF-linked political donationReform UK chair Lee Anderson is calling for a parliamentary investigation into a reported $50,000 political donation with ties to former FTX CEO Sam Bankman-Fried.The money was reportedly given to UK Defense Secretary Wes Streeting in 2022 and 2023 by Labour for the Long Term, a think tank whose founder had previously received $675,000 from Bankman-Fried. Streeting reportedly requested the organization’s donor list before accepting the funds, but Bankman-Fried was not listed. The think tank’s founder said Streeting’s contribution came from another donor and denied receiving donations from Bankman-Fried or the FTX Foundation.The dispute comes as Reform leader Nigel Farage prepares for a by-election following his resignation from Parliament amid a separate controversy involving millions of dollars in crypto-linked contributions. The cases are drawing renewed attention to UK political finance rules that critics say can obscure the original sources of some donations.Meanwhile, a US appeals court this week formally upheld Bankman-Fried’s fraud conviction and 25-year prison sentence, narrowing his remaining options for challenging the case.CLARITY Act delay gives Asian financial hubs an opening: First Digital CEOThe US Senate’s delay of a vote on crypto market structure legislation could give Hong Kong and Singapore more time to strengthen their positions as digital asset hubs, according to First Digital founder and CEO Vincent Chok.Chok, whose company issues the FDUSD stablecoin, said the delay could give jurisdictions with clearer regulatory frameworks an advantage in attracting capital and talent as US uncertainty weighs on institutional adoption. He said the postponement leaves institutions without clear rules on market structure, custody and oversight. “Markets can adapt to slower timelines, but what they struggle with is prolonged uncertainty,” he said in a statement sent to Cointelegraph.Chok said regulatory progress outside the US would continue regardless of the CLARITY Act’s timetable.“For Asia, this delay gives regional financial hubs like Hong Kong and Singapore additional time to demonstrate that clear regulation can coexist with innovation,” he said. US Senate pushes CLARITY Act vote to SeptemberSenate Republican leaders are expected to leave for their August recess without voting on crypto market structure legislation, delaying consideration of the bill until at least September, according to a report from Politico. Senate Majority Leader John Thune confirmed that the chamber would not vote on the legislation before the recess, citing Democratic opposition and saying it would be prioritized when senators return next month. “The Dems are insistent on no Clarity vote,” Thune said, according to comments his office provided to Cointelegraph. “I worked with sponsors of the bill. Senator Lummis was great, and we’re getting that queued up first thing when we come back.”The postponement leaves one of the crypto industry’s top legislative priorities unresolved and compresses the Senate’s timetable for advancing the bill. Without sufficient Democratic support, Republicans may struggle to secure the 60 votes generally needed to overcome a filibuster.