Saudi Arabia · CLARITY Act · US Senate · Tokenization · CoinDesk
U.S. Clarity Act failure gives Asia and Middle East a competitive edge, says Apex Group CEO
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The U.S. risks losing digital asset business to Asia and the Middle East if it continues to delay crypto legislation or fails to implement a clear, certain regulatory framework for digital assets, said Peter Hughes, founder and CEO of Apex Group, a global financial firm.
Key facts
- Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%
- Apex Group, which services more than $3.5 trillion in assets, operates across 50 jurisdictions
- Hughes cited a comparison of 5% returns from a tokenized money market fund against 3% from a bank savings account
- The U.S. Senate last month failed to pass the Clarity Act, which would have established clearer federal rules for digital assets and divided oversight between the Securities and Exchange Commission
Summary
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, Apex Group CEO Peter Hughes said. Hughes said Europe’s crypto rules remain restrictive, while Saudi Arabia is emerging as a tokenization hub by opening its real estate market to digital assets and greater foreign investment. Tokenized money market funds and regulated, yield-bearing stablecoins could accelerate institutional adoption by offering higher returns, collateral utility and broader access than traditional financial products, Hughes said. Hughes said, however, that Europe will not benefit from Washington’s setback despite having its own rules in place since July 1.