Arthur Hayesco-founder of Bitmex Thursday, raised concerns concerning the proposals of Bitcoin BTC / USD Reserve and a large cryptographic regulatory bill, arguing that the two initiatives could be prejudicial to the cryptocurrency industry.
What happened: In a blog article, he stresses that Bitcoin reserves controlled by the government would be used for a political lever effect rather than a long -term economic strategy, leading to the uncertainty of the market.
It also warns that a regulatory framework designed by political decision -makers would mainly benefit large financial institutions while putting the touch of independent manufacturers and startups, another “net negative” for industry.
Hayes maintains that a Bitcoin reserve supported by the government could introduce volatility on the market.
If an administration accumulates aggressively Bitcoin, a future administration could just as easily sell these assets, using them to finance political agendas or economic rescue programs.
This unpredictability would undermine confidence in Bitcoin as a neutral asset.
He notes that political motivations, rather than financial strategy, would dictate the government’s Bitcoin policies, potentially leading to disturbing sales.
It is also critical that the regulatory approach is pushed by decision -makers, arguing that too normative regulations would promote large companies as Jamming And Blackrockwhich have the resources necessary to comply with complex legal requirements.
Startups and decentralized projects, on the other hand, would find it difficult to sail in the regulatory landscape, effectively consolidating the power of established players to the detriment of innovation.
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Why is it important: Hayes suggests that rather than enforcing a rigid regulatory framework, decision -makers must focus on promoting an environment that encourages open innovation without authorization.
Instead of a bitcoin reserve managed by the government, Hayes proposes that Bitcoin be recognized as a neutral reserve asset which remains independent of state control.
He suggests that a progressive approach to the integration of bitcoin into the global financial system would offer higher long -term stability than direct government intervention.
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