Peter Hughes, the founder and CEO of Apex Group, says the failure of the Clarity Act in the US Senate could send digital asset business to faster-moving jurisdictions. “I think that the Clarity Act and the delay around that will lead to people finding other solutions elsewhere,” he said, according to CoinDesk.
The Senate fell short of the 60 votes needed in September, amid disputes over ethics provisions, stablecoin rewards and other regulatory concerns. The bill would have set federal rules for digital assets and divided oversight between the SEC and the CFTC.
Hughes pointed to Asia as moving quickly and named the Middle East as a likely beneficiary. Saudi Arabia, he said, is emerging as a tokenization hub and is opening its real estate market to digital assets and foreign investment. He added that Bermuda is also moving fast, while Europe’s MiCA regime is slow to evolve and restrictive, so Europe is unlikely to gain from Washington’s setback.
He argued that tokenized money market funds and regulated, yield-bearing stablecoins could speed up institutional adoption, using the example of a tokenized fund returning 5% against 3% for a bank savings account.
Apex services more than $3.5 trillion in assets across 50 jurisdictions. It has announced a partnership with droppRWA and Tokeny to tokenize real-world assets, starting in Saudi Arabia. The SEC and CFTC have meanwhile proposed their own crypto rules. The views are those of one industry executive.
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