Hayes Blasts CLARITY Act: Regulations Irrelevant to Bitcoin's Value

Arthur Hayes, co-founder of BitMEX and Maelstrom CIO, has spoken out against the proposed Digital Asset Market CLARITY Act. The legislation aims to establish clear jurisdictional boundaries between the SEC and CFTC over digital assets.

Hayes argues that regulations are irrelevant to Bitcoin's fundamental value, which he believes is driven by the amount of fiat currency in circulation. He claims that if Bitcoin needed regulation to survive, it wouldn't be worth anything.

The BitMEX co-founder also warns that 'institutionalizing' Bitcoin through regulation risks centralizing an asset whose value proposition rests on decentralization.

Hayes' position puts him at odds with a significant chunk of the crypto industry's most powerful voices, including major exchanges and lobby groups, which have spent years pushing for clear regulatory frameworks to attract institutional capital.