Trump's Crypto Legislation Will Be A 'Frankenstein' Bill Of Mishmash, Says Arthur Hayes — Bitcoin Doesn't Need Government Support To Flourish
Arthur Hayes, co-founder of cryptocurrency exchange BitMEX and Chief Investment Officer at Maelstrom Fund, stated that Bitcoin (CRYPTO: BTC) will thrive regardless of any government support or regulatory clarity under the incoming Donald Trump administration.
What Happened: In an interview with Benzinga, Hayes questioned the narrative that cryptocurrency-friendly regulations will serve as a bullish catalyst for the market
“Remember that we got to a total cryptocurrency market cap of over $3 trillion with no government support anywhere in the world. Why do we need it now?” Hayes argued.
As for Bitcoin, Hayes said that the leading cryptocurrency will flourish in spite of any regulations that would be enacted by Trump.
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Hayes expressed doubt on potential cryptocurrency-friendly policies under Trump, saying that most of them will only benefit his lobbyists and close advisors.
“I fear that the crypto regulation that Trump enacts will be a Frankenstein bill that is an inchoate mishmash of different policies desired by this or that close advisor or large campaign donor,” he said.
“It will be a gift to lobbyists and lawyers and will not ultimately bring that much clarity, as it will be impossible to comply with unless you have hundreds of millions of dollars to spend on lawyers.”
Hayes has been a long-time Bitcoin bull, projecting the apex cryptocurrency to hit $1 million in the long term.
Why It Matters: Hayes’ remarks come at a time when the incoming Trump administration is expected to significantly alter the landscape of cryptocurrency regulation.
Recent reports suggested that Trump could issue executive orders on day one of his presidency, possibly addressing de-banking and fair value accounting, which requires banks holding cryptocurrencies to count them as liabilities on their balance sheet.
Trump has rewarded supporters with high-level appointments in the incoming administration. He named venture capitalist David Sacks, who held a fundraising event for Trump’s campaign at his home, as the “White House A.I. & Crypto Czar.”
Price Action: At the time of writing, Bitcoin was exchanging hands at $93,573.37, down 0.90% in the last 24 hours, according to data from Benzinga Pro.
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