Hayes Calls CLARITY Act ‘Nonsense’ as Bitcoin Tops $80,000

Arthur Hayes, co-founder and former CEO of BitMEX, called the CLARITY Act ‘nonsense’ as bitcoin climbed above $80,000 and trading activity rose. The comment came while investors and lawmakers continued to debate how to regulate digital assets in the United States.

The CLARITY Act is a legislative proposal that would define digital assets and set rules for exchanges, custodians and product issuers. Backers contend the bill would reduce legal uncertainty and strengthen investor protections. Opponents, including Hayes and several crypto firms, argue the proposal misreads how digital assets operate and could impose rules unsuited to bitcoin’s technical and economic characteristics.

Market participants pointed to renewed investor demand, inflows into crypto products and broader macroeconomic factors as contributors to bitcoin’s advance. Trading volume in major crypto markets increased alongside the price, and derivatives activity rose as traders adjusted positions around the new level.

Hayes led BitMEX during its growth as a major derivatives venue and has frequently commented on policy and markets since leaving the company. He argued that a broad regulatory framework could reduce liquidity and hamper innovation, echoing concerns from other industry figures.

U.S. lawmakers and regulators are continuing discussions on how to classify and supervise crypto firms. Debate over the CLARITY Act and other proposals remains active as bitcoin trades above $80,000.