BermudaThe US Senate fell short of the 60 votes the Clarity Act needed.
Apex Group’s Peter Hughes says crypto business risks moving to Asia and the Middle East.
Hughes says tokenized money market funds pay 5% against 3% for bank savings and can serve as collateral.
The Securities and Exchange Commission and Commodity Futures Trading Commission have proposed their own rules.
Apex, droppRWA and Tokeny begin tokenizing real-world assets in Saudi Arabia.
How each outlet framed it
- CoinDesk
- frames the Clarity Act stall as a competitive risk, naming Asia and the Middle East as the jurisdictions that will absorb US crypto business
Sources: CoinDesk