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Apex Group CEO Peter Hughes says CLARITY Act failure hands edge to Asia and Middle East

Peter Hughes of Apex Group says the US Senate's failure to advance the CLARITY Act will push digital asset business towards Asia, the Middle East and Bermuda, with Europe unlikely to gain.

Why it matters: The stalled US framework leaves firms building blockchain-based financial products facing regulatory uncertainty in the world's largest economy, while other jurisdictions move ahead.

InvestIn.News NewsDesk · 1 min read
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Picture from CoinDesk for: Apex Group CEO Peter Hughes says CLARITY Act failure hands edge to Asia and Middle East
Image: CoinDesk
Original reporting: Olivier Acuna, CoinDesk

Key points

  • The CLARITY Act fell short of the 60 votes needed in the Senate in September after disputes over ethics provisions and stablecoin rewards.
  • Apex Group, which services more than $3.5tn in assets across 50 jurisdictions, announced a tie-up with droppRWA and Tokeny in October, starting in Saudi Arabia.
  • Hughes compares 5% returns on a tokenised money market fund with 3% from a bank savings account as a driver of adoption.

In an interview with CoinDesk, Hughes said the delay would lead firms to "finding other solutions elsewhere" rather than wait for US federal rules.

Hughes said Europe would not benefit from Washington's setback, describing its MiCA regime, in force since 1 July, as slow to evolve and restrictive.

Apex Group, which services more than $3.5tn in assets across 50 jurisdictions, announced in October a partnership with droppRWA and Tokeny to turn real-world assets into regulated blockchain-based products, starting in Saudi Arabia. Faisal Monai of droppRWA said the kingdom has already changed rules to allow real estate tokenisation and greater foreign participation, with infrastructure linking tokens to legal records still needed.

Hughes also sees tokenised money market funds and regulated, yield-bearing stablecoins as drivers of institutional adoption, citing higher returns and collateral use.

Read the full story on CoinDesk

Live updates on NewsFeeds:RegulationDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

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