Arthur Hayes Blasts Strategic Bitcoin Reserve, Regulatory Bill As ‘Net Negatives’

Arthur Hayes, co-founder of BitMEX on Thursday raised concerns over proposals for a strategic Bitcoin (CRYPTO: BTC) reserve and a broad crypto regulatory bill, arguing that both initiatives could be detrimental to the cryptocurrency industry.

What Happened: In a blog post, he points out that government-controlled Bitcoin reserves would be used for political leverage rather than as a long-term economic strategy, leading to market uncertainty.

He also warns that a regulatory framework designed by policymakers would primarily benefit large financial institutions while sidelining independent builders and startups, another “net negative” for the industry.

Hayes contends that a government-backed Bitcoin reserve …

Full story available on Benzinga.com