BitMEX founder Arthur Hayes criticized the proposed CLARITY Act, arguing that cryptocurrencies should not depend on government regulations in order to survive.
Speaking in a recent interview, Hayes said the core purpose of Bitcoin (BTC) and other digital assets is to create an independent financial system outside the control of centralized authorities. According to him, if the crypto industry requires legal protection or regulatory approval to remain relevant, it contradicts the original philosophy behind decentralized finance.
Hayes also warned that the growing involvement of traditional financial institutions could push the sector away from its founding principles. He stated that major banks are primarily interested in generating transaction fees rather than protecting users, while investors continue to seek Bitcoin and similar assets as a hedge against inflation and fiat currency debasement.
The BitMEX co-founder further argued that excessive regulation and institutionalization could damage the freedom-oriented nature of the crypto ecosystem. Hayes emphasized that a potential Donald Trump presidency should reject the CLARITY Act through a veto, adding that cryptocurrencies can only preserve their real value if they remain independent from government control.
