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Arthur Hayes, the co-founder of BitMEX, pushed back on the narrative that the CLARITY Act is a prerequisite for further Bitcoin gains, calling the pending market-structure bill a moat-building tool for well-capitalized incumbents in an interview this month.
Why it matters
Hayes said the legislation is "terrible for real creativity and builders of useful products in US crypto" because compliance costs would favor incumbents with legal budgets over early-stage teams. Bitcoin has operated without the framework since 2009, he argued, and its largest rally to date came when markets repriced the US debt burden and started pricing in yield curve control, not from any statutory clarity.
Market impact
Hayes framed the real macro catalyst as Treasury Secretary Scott Bessent expanding buybacks or the Federal Reserve coordinating with Japan to swap Treasuries for cash. His advice to President Trump was direct: veto the bill. For traders watching the policy calendar, the read is that legislative wins may matter less than the trajectory of US fiscal mechanics.
Frequently asked questions
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What did Arthur Hayes say about the CLARITY Act?
Hayes said he does not hate the CLARITY Act but considers it a moat-building tool that favors incumbents with legal budgets over early-stage crypto builders, and he advised Trump to veto it.
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What does Hayes think actually drives Bitcoin higher?
Hayes argues the biggest recent rally came when markets priced in the US debt problem and yield curve control. He points to Treasury buybacks and Fed coordination with Japan as the macro catalysts that matter.
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Why does Hayes say Bitcoin does not need the CLARITY Act?
Hayes noted Bitcoin has operated without a US market-structure framework since 2009 and rallied to record highs on macro repricing alone, not on statutory clarity.
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Who did Hayes speak to about the CLARITY Act?
Hayes shared his views in an August 2026 video interview with Altcoin Daily, a crypto YouTube channel.
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What is Hayes's advice to Trump on the bill?
Hayes publicly advised President Trump to veto the CLARITY Act, arguing the legislation would entrench well-capitalized incumbents rather than support innovation.
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