Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, argues that Bitcoin's value is driven by the amount of fiat currency in circulation, not by regulatory frameworks. Speaking at Consensus Miami in May 2026, he stated that Bitcoin and crypto would be worthless if they required regulations to survive.
The focus of his criticism is the Digital Asset Market CLARITY Act (H.R. 3633), which aims to define jurisdictional boundaries between the SEC and CFTC. The bill passed the House in July 2025 with a 294-134 vote and cleared the Senate Banking Committee in May 2026 with a 15-9 vote.
Political complications have arisen due to reports that Donald Trump earned more than $1.4 billion from crypto-related ventures. In August 2026, Trump met with crypto executives at the White House to advocate for a fair version of the Act to maintain US international competitiveness.
As of early September 2026, analysts estimate the bill's chances of passage at 13-18%, with some suggesting it is effectively dead. While major exchanges and asset managers have spent millions of dollars to push for this regulatory framework, Hayes warns that such legislation primarily serves Wall Street interests and risks centralizing a decentralized asset.
