Hayes calls for crypto law ahead of November vote

Former CEO of crypto exchange BitMEX, Arthur Hayes, has urged crypto supporters to push for definite lawmaking before the upcoming U.S. election rather than relying on politicians’ promises.

In a recent blog post, Hayes argued that Trump’s newfound support for cryptocurrencies is likely insincere and aimed at winning over young voters in key swing states. He suggested that crypto holders should unite to demand meaningful legislation instead of being swayed by empty political rhetoric.

Hayes introduced a bill with the potential to bring significant change, suggesting that cryptocurrencies and blockchain-based tokens be recognized as protected forms of expression. The bill affirms that digital currencies and tokens existing on a blockchain constitute protected speech.

According to Hayes, if such a law were enacted, it could impact how various regulatory bodies handle cryptocurrencies. This would require setting legal precedents to define jurisdictional limits, potentially transforming the U.S. into a conducive space for crypto advancements.

Historical parallels and economic growth in crypto

The crypto advocate drew parallels to historical American innovators like John D. Rockefeller and Henry Ford, who built entire industries without government interference. Hayes argued that a similar approach could lead to job creation and economic growth in the crypto sector.

Hayes proposed an expansion of the bill to protect all monetary forms as free speech. This is to address potential resistance from traditional financial institutions. In addition, he recommended a prohibition on government bailouts for financial establishments to establish a fair competitive environment.

Hayes underlined the significance of timing. He encourages crypto supporters to exert pressure on politicians before the upcoming Nov. 2024 election when their influence is at its peak. He cautioned that issues such as potential tensions with Iran or Russia might overshadow cryptocurrency matters post-election.

Hayes urged prominent figures in the cryptocurrency sector, including Coinbase CEO Brian Armstrong, to rally their followers to back the suggested laws. He emphasized the need to persuade cryptocurrency investors to prioritize this issue and engage actively in the voting process.