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 …
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