Arthur Hayes: DeFi Requiring Regulatory Approval is a Sign of Decentralization Failure On June 23, 2026, BitMEX co-founder Arthur Hayes @CryptoHayes stated in an interview with the New Era Finance podcast that if the development of DeFi requires U.S. regulatory agencies to pass legislation (such as the 'Clarity Act'), it means we have already failed in building a decentralized system. Addressing the argument that 'regulatory clarity will bring institutional capital,' Hayes said that Wall Street institutions and traders don’t care about regulatory rules. As long as there’s profit to be made, they’ll even 'make a duck quack like a crocodile' to find ways to trade while staying compliant. He believes the true value of the crypto market lies in building an alternative financial system for 8 billion people worldwide. If passing legislation becomes a prerequisite for investment, we might as well just trade stocks instead. Source: New Era Finance Podcast