Apex Group CEO Peter Hughes warned that the U.S. risks losing digital asset businesses to faster-moving jurisdictions in Asia and the Middle East due to the failure of the U.S. Clarity Act. The Act, which aimed to establish clearer federal rules for digital assets and divide oversight between the SEC and CFTC, failed to pass the Senate last month. Hughes noted that Europe's MiCA regulation is seen as slow and restrictive, while countries like Saudi Arabia are already making regulatory changes to attract blockchain-based financial products.