As a crypto investor, I’m hearing a lot of excitement about the CLARITY Act passing, but Arthur Hayes, one of the founders of BitMEX, is urging caution. He’s suggesting that this new legislation might not actually be the game-changer everyone hopes it will be, and we shouldn’t assume it automatically solves all our problems.
At the CoinDesk Live event during Consensus Miami 2026 on Tuesday, Arthur Hayes explained why he believes the CLARITY Act won’t help the crypto industry. He pointed out that regulations primarily benefit companies with a central authority, stating it’s natural for them to seek rules that support their business and lobby politicians to achieve those goals.
This doesn’t change how Bitcoin or other cryptocurrencies are impacted. Bitcoin maintains its value – currently around $82,000 – not because of traditional banking, but because it’s useful in ways that exist outside of the banking system.
The statement was made as U.S. politicians try to finally pass a bill that would create rules for the digital asset market. Progress has been stalled for months due to disagreements about things like rewards for stablecoins, how to regulate DeFi, and which agency should oversee the industry.
The CLARITY Act aims to establish clear national rules for digital assets. It would define which tokens are regulated by the Securities and Exchange Commission (SEC) and which fall under the Commodity Futures Trading Commission (CFTC). Proponents believe this bill will provide much-needed clarity for exchanges, companies issuing tokens, and investors, moving away from the current system of regulation through enforcement.
However, Hayes doesn’t seem to agree that the bill automatically benefits cryptocurrency. His viewpoint offers a contrasting opinion just as some in the industry are celebrating the bill’s recent progress as a significant win.
Stablecoin Yield Deal Revived the Bill
As a crypto investor, I’m keeping a close eye on what’s happening in the Senate. They’re trying to reach a deal on stablecoin regulations, and it looks like they’re leaning towards blocking rewards just for *holding* stablecoins. Basically, you won’t be able to earn a passive income simply by staking them. However, they *might* allow rewards if you actually *use* your stablecoins – like for making payments or transferring funds. It seems like they want to encourage actual use of stablecoins, not just holding them for yield.
Reaching a compromise on this issue was crucial, as the potential earnings from stablecoins had become a major sticking point in the bill’s advancement. Banks worried that stablecoins offering interest could draw money away from traditional banks, but crypto companies maintained that these rewards were essential for giving consumers options and fostering competition.
The CLARITY Act passed the House of Representatives in July 2025 with support from both Democrats and Republicans. However, its progress in the Senate is less certain. The bill still needs to go through committee review, gain enough votes (60) in the full Senate, be combined with any similar bills passed by the Senate and House, and finally be signed by the president before lawmakers run out of time.
Why Hayes’ Pushback Matters
Hayes’ comments challenge the crypto industry’s frequent claim that it needs clearer regulations. For a long time, crypto companies have maintained that the lack of specific U.S. rules forces operations to move overseas and lets regulators create policy by taking enforcement actions instead of establishing formal rules.
However, Hayes seems to be worried that reaching a political agreement on clear regulations might benefit established financial institutions – like banks and exchanges – more than the newer, decentralized world of cryptocurrency.
The main challenge with the CLARITY Act is finding the right balance. While the bill aims to provide clearer legal guidelines, it could also impose rules that some crypto projects – especially smaller teams, developers who don’t hold user funds, or projects based outside the US – might see as limiting.
Senate Clock Still Running
Honestly, I’m still not convinced this bill is going to pass. Galaxy Research said things are getting down to the wire, but they also pointed out a few things that could still kill it – like getting the Senate votes lined up and resolving some remaining issues. They think if it drags on too long, the upcoming election could make it even harder to get approved. As an investor, that makes me a little nervous, because timing is everything.
Hayes’ recent comments come at a key time. As Washington attempts to present the CLARITY Act as a lasting set of rules for the crypto industry, Hayes is cautioning that these rules might actually harm crypto’s growth.
Read More
- CNY JPY PREDICTION
- Ethereum to $24K? Jolly Good Show, What?
- USD JPY PREDICTION
- USD HKD PREDICTION
- SUI PREDICTION. SUI cryptocurrency
- GBP USD PREDICTION
- USD TRY PREDICTION
- Hong Kong’s Strict Stablecoin Rules: Only 2 Licenses Out of 36 Applications Approved!
- Gold Rate Forecast
- USD IDR PREDICTION
2026-05-05 17:26