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, which fell short of the 60 votes needed. He described Europe's MiCA rules as slow and restrictive and said Saudi Arabia is emerging as a tokenization hub. Hughes argued that tokenized money market funds and regulated, yield-bearing stablecoins could accelerate institutional adoption, citing 5% returns from a tokenized money market fund versus 3% from a bank savings account, and noted these funds can be used as collateral. Apex Group, which services more than $3.5 trillion in assets across 50 jurisdictions, recently partnered with droppRWA and Tokeny on regulated real-world asset products starting in Saudi Arabia.
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Related tickers and likely impact
BTC/USDT
▼ Likely negativeBitcoin
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 10/23/2026 | 81,189.43 |
| Change that session | -0.28% |
ETH/USDT
• NeutralEthereum
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $294.2B |
| Close on 10/23/2026 | 2,387.60 |
| Change that session | -0.06% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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