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BitMEX founder Arthur Hayes said in a May 13 interview with The Wolf Of All Streets that he hopes President Trump vetoes the CLARITY Act, arguing that if Bitcoin and crypto need regulation to survive, they are "not worth a penny."
Hayes acknowledged that banks want to offer crypto products because clients need non-correlated assets to hedge against inflation and fiat debasement, and banks can earn fees in the process. But he opposed pushing Bitcoin too far toward institutionalization, warning it would undermine what crypto has built over the past 15 years.
Why it matters
The CLARITY Act is the central market-structure bill aimed at defining SEC and CFTC jurisdiction over digital assets, a long-standing friction point for US-based crypto firms. Hayes's opposition puts a high-profile crypto-native voice against a framework much of the institutional industry is lobbying to pass, sharpening a fault line between the bitcoin-maximalist and Wall Street-adjacent wings of the market.
Market impact
The comments are opinion, not policy, and Trump has not signaled a veto threat. But a credible public call to reject the bill adds weight to the in-DeFi-custody debate and signals that passage is not a foregone conclusion even with broad industry support.
Frequently asked questions
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What is the CLARITY Act?
The CLARITY Act is a US market-structure bill aimed at defining the split between SEC and CFTC jurisdiction over digital assets, addressing a long-standing friction point for US-based crypto firms.
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Why does Arthur Hayes want Trump to veto the CLARITY Act?
Hayes argues that if Bitcoin and crypto need regulation to survive, they are "not worth a penny," and that pushing Bitcoin further toward institutionalization would undermine what crypto has built over the past 15 years.
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Does Hayes oppose all crypto regulation?
No. He acknowledged that banks want to offer crypto products because clients need non-correlated hedges, and banks can earn fees in the process. His objection is to institutionalization of Bitcoin specifically, not to the existence of crypto markets.
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Has Trump signaled he might veto the CLARITY Act?
No. Hayes's comments are opinion, not policy, and the President has not publicly indicated a veto threat against the bill.
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What is the broader industry view of the CLARITY Act?
Much of the institutional crypto industry is lobbying to pass the bill as a way to clarify US oversight. Hayes's opposition puts a high-profile crypto-native voice against that consensus.
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