BitMEX co-founder Arthur Hayes has a message for companies celebrating the passage of the CLARITY Act through Washington: veto it.
When asked in his Coinpedia interview to explain the exact timing of the bill and whether it is good for crypto, Hayes offered a one-sentence answer that puts him at odds with the rest of the industry.
“The CLARITY Act should be repealed. We don’t need to improve it.”
The response comes at a time when the most prominent crypto companies, regulators and lobby groups are pushing hard in the other direction, treating the bill as the most important piece of legislation in the industry’s history and speeding up the fast-closing calendar.
Why Periods Are Difficult
The CLARITY Act has already cleared the House, passed the Senate Agriculture Committee and has support from the White House. All that’s left is the Senate Banking Committee, a floor vote, reconciliation and the president’s signature.
Senator Moreno has publicly stated that the bill will pass in May or die until 2027. Policy analysts in Washington have identified May 21, the Memorial Day holiday, as the deadline. When senators leave Washington for the holidays, the rigors of the mid-year campaign begin. Senators up for re-election have little incentive to promote controversial legislation when they need to be in their districts building support.
If the bill misses the May window it won’t be too late. Polimarket is currently projecting a 49% chance that the CLARITY Act will be signed into law this year.
What the Bill Actually Does
For those who watch the deadline without everything, the CLARITY Act makes a big change in the way crypto works in the United States.
It divides digital assets into three categories: digital assets such as Bitcoin, Ethereum and Solana that are under the jurisdiction of the CFTC, joint venture assets that can graduate after being fully discounted, and stablecoins that are regulated separately under the GENIUS Act.
It also gives the CFTC sole jurisdiction over digital markets, ending the SEC’s long-standing control over the entire financial sector.
Hayes says he vetoed it. The company is expected to resume operations on May 21.
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