BitMEX co-founder Arthur Hayes has pushed back against the crypto industry’s latest Washington victory lap, warning that the CLARITY Act may not deliver the benefits many market participants expect.
Speaking during CoinDesk Live at Consensus Miami 2026 on Tuesday, Hayes said the “CLARITY Act won’t benefit crypto.”
He said that, “regulation is for people who own centralized companies; obviously want this that makes complete sense. You own a centralized company; you want a regulatory motor running the business. Of course you are going to lobby politicians to get what you want.”
That has no effect on whether bitcoin or crypto is affected. Bitcoin worth $82000 or wherever instead of zero because it has utility outside banking system.
Hayes explained that fiat liquidity is precisely the printing of more units of fiat money. It is the only thing that affects bitcoin’s value proposition.
What is the current status of the CLARITY Act?
The remark came as U.S. lawmakers attempt to move the long-delayed digital asset market structure bill through the Senate after months of disputes over stablecoin rewards, DeFi rules and regulatory jurisdiction.
The CLARITY Act is designed to create a federal framework for digital assets by clarifying when tokens fall under the Securities and Exchange Commission or the Commodity Futures Trading Commission. Supporters argue the bill would give exchanges, token issuers and investors clearer rules after years of enforcement-driven regulation.
Hayes, however, appeared to reject the idea that the bill automatically represents a win for crypto. His comments add a high-profile dissenting voice at a moment when parts of the industry are treating the bill’s renewed momentum as a major breakthrough.
Stablecoin Yield Deal Revived the Bill
The warning follows fresh movement in the Senate, where lawmakers have been working through a compromise on stablecoin rewards. A recent deal reportedly blocks bank-like yield paid simply for holding stablecoins, while allowing narrowly defined activity-based rewards tied to payments, transfers or platform use.
That compromise matters because stablecoin yield had become one of the biggest obstacles to the bill’s progress. Banks argued that yield-bearing stablecoin products could pull deposits away from traditional lenders, while crypto firms said rewards were necessary for consumer choice and platform competition.
Galaxy Research noted that the CLARITY Act passed the House in July 2025 with bipartisan support, but the Senate path remains more complicated. The bill still needs to clear committee, win 60 votes on the Senate floor, be reconciled with other Senate and House versions, and reach the president’s desk before the legislative calendar tightens further.
Why Hayes’ Pushback Matters
Hayes’ criticism cuts against the industry’s broader “regulatory clarity” narrative. For years, crypto firms have argued that the absence of clear U.S. rules pushed activity offshore and allowed regulators to shape policy through enforcement actions.
But Hayes’ statement suggests a different concern: that clarity written through political compromise may favor banks, large exchanges, custodians and compliant intermediaries more than decentralized crypto networks.
That is the core tension now surrounding the CLARITY Act. A bill can reduce legal uncertainty while also creating rules that smaller DeFi teams, non-custodial developers or offshore-first crypto projects may view as restrictive.
Senate Clock Still Running
The bill’s future is not guaranteed. Galaxy’s April analysis said the legislation was entering an “endgame” phase, but warned that timing, Senate vote math and unresolved provisions could still derail passage in 2026. The report also noted that if the process slips too far into the year, the election calendar could sharply reduce the odds of enactment.
Hayes’ latest remarks therefore land at a critical moment. Washington is trying to sell the CLARITY Act as the bill that finally gives crypto a durable U.S. rulebook. Hayes is warning that the rulebook may not be written for crypto’s benefit.
Also Read: Crypto Stocks Surge Across the Board on CLARITY Act Compromise: Circle Closes +19.9%, Coinbase +6.1%
