Apex Group CEO says U.S. Clarity Act failure gives Asia and Middle East a competitive edge in digital assets

Apex Group CEO Peter Hughes said the U.S. risks losing digital asset business to faster-moving jurisdictions in Asia, the Middle East, and Bermuda after the Senate failed to advance the Clarity Act in September. The Clarity Act aimed to establish clearer federal rules for digital assets and divide oversight between the SEC and CFTC but fell short of 60 votes due to disputes over ethics provisions, stablecoin rewards, and other regulatory concerns. Hughes noted that Saudi Arabia is emerging as a tokenization hub by opening its real estate market to digital assets and greater foreign investment, while Europe's MiCA regulation remains restrictive.