The U.S. Senate's failure to pass the Clarity Act in September has left digital asset regulation in limbo, creating uncertainty for blockchain companies operating in the world's largest economy, according to Apex Group CEO Hugh. The bill, which would have divided oversight between the SEC and CFTC, fell short of the 60 votes needed due to disputes over ethics provisions and stablecoin rewards. Hugh warned that faster-moving jurisdictions could capture business that might otherwise have gone to the United States. The SEC and CFTC have since proposed their own crypto rules to fill the regulatory void left by lawmakers' inability to reach consensus. Apex Group, which services more than $3.5 trillion in assets across 50 jurisdictions, announced a partnership with tokenization platform droppRWA and Tokeny earlier this month to convert real-world assets into regulated blockchain-based investment products, starting in Saudi Arabia. droppRWA CEO Faisal Monai noted that Saudi Arabia has already enacted regulatory changes enabling real estate tokenization and greater foreign participation in its property market.