Arthur Hayes Criticizes CLARITY Act for Undermining Bitcoin's Value Proposition

At Consensus Miami 2026, Arthur Hayes made a case against the CLARITY Act, arguing that it contradicts the fundamental value proposition of bitcoin. According to Hayes, the act would bring regulation to the cryptocurrency market, which would undermine its core principles.

Hayes emphasized that the total number of fiat currency units in circulation is the only variable affecting bitcoin's price. He claimed that this makes legislation irrelevant to the calculation of fair value, and that lawmakers should focus on monetary policy rather than regulating cryptocurrencies.