BitMEX co-founder Arthur Hayes questioned the significance of the U.S. Clarity Act for the future of DeFi and Ethereum. He argued that the industry should not rely on regulators’ decisions if it is truly building a decentralized financial system.
“The very idea of waiting for a law to be passed in the United States as a condition for DeFi to grow shows that the crypto industry has failed to achieve its original goal. Decentralized protocols should exist independently of any single country’s position,” he said.
Hayes also challenged the widely held belief that institutional capital will only enter the market once clear regulatory rules are in place. According to him, professional investors primarily focus on profit potential, while compliance only becomes a consideration once there's real money to be made.
“Cryptocurrencies were created not to serve the interests of a limited group of large investors, but as an alternative financial system for billions of people around the world. If regulatory approval becomes the main reason to invest, then investors would be better off looking at the traditional stock market,” he added.
Hayes’ comments on X sparked mixed reactions. Some users supported his view, arguing that DeFi’s long-term viability should be determined by the resilience of its protocols rather than legislative decisions. Others countered that even with a decentralized architecture, developers and web interfaces remain subject to the regulatory requirements of individual jurisdictions.