The stalled CLARITY Act could give Asia and the Middle East an edge in attracting crypto businesses, according to Apex Group CEO Peter Hughes. In an interview with CoinDesk, Hughes said the U
The stalled CLARITY Act could give Asia and the Middle East an edge in attracting crypto businesses, according to Apex Group CEO Peter Hughes. In an interview with CoinDesk, Hughes said the US risks losing digital asset business to faster-moving jurisdictions if it keeps delaying legislation or fails to set out a clear regulatory framework.
The Senate failed to advance the Digital Asset Market Clarity Act on September 15, 2026. CNBC reported that the procedural vote left the bill stalled after months of negotiations aimed at building bipartisan support.
According to law firm Orrick, the Senate voted 49 to 50 on cloture, short of the 60 votes needed. The firm said the main obstacles were disputes over ethics provisions tied to federal officials' crypto holdings and over stablecoin yield, including concerns that yield-bearing stablecoins could draw deposits away from banks.
The bill is intended to clarify federal rules for digital assets and divide oversight between the SEC and the CFTC. Orrick noted that Senator Thom Tillis voted no so he could enter a motion to reconsider, which keeps a path open to revive the bill. Passage in this Congress is now widely viewed as unlikely, the firm said.
Hughes said Asia, the Middle East and Bermuda are moving quickly to build regimes for future financial products, and that they can benefit from the regulatory gap in the US. Apex Group, which services more than $3.5 trillion in assets across 50 jurisdictions, is Bermuda-based, according to a summary of the CoinDesk interview.
He was less positive on Europe. Hughes described the EU's Markets in Crypto-Assets regulation (MiCA), which has applied since July 1, as slow to evolve and restrictive, and said the region will not capture the business shifting away from the US.
Hughes also pointed to Saudi Arabia as an emerging tokenization hub. CoinDesk reported that he highlighted the opening of its real estate market to digital assets and greater foreign investment. Apex has partnered with droppRWA and Tokeny on real-world asset tokenization in the country. He added that tokenized money market funds and regulated, yield-bearing stablecoins could speed up institutional adoption by offering higher returns and collateral use.
The stalled bill does not mean US crypto oversight has stopped. Orrick said the SEC and CFTC are building an interim regime under their existing authority, although agency rules are generally less durable than legislation.
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