BlockBeats News, May 7th, BitMEX Co-founder Arthur Hayes stated at the Consensus 2026 conference:

The crypto industry does not need regulation, as regulation is largely irrelevant to Bitcoin's value proposition. The two core factors determining Bitcoin's price are: technical reliability and fiat liquidity, with the latter being the true driver.

Whether it was the quantitative easing during the Obama era, the "helicopter money" in Trump's first term, or the approximately $2.5 trillion reverse repo funding unleashed by Treasury Secretary Yellen in the Biden era through short-term debt replacing long-term debt, each round of monetary expansion has closely coincided with Bitcoin's significant surge. Despite the Trump administration signing crypto-related bills and sending clear regulatory signals, the price of Bitcoin has still dropped by about 25% in the past 18 months, proving that regulatory favorability does not directly impact price increases, and liquidity is the fundamental reason.

The Trump family's previous experiences of bank de-risking, asset freezes, and numerous lawsuits have led them to recognize the value of Bitcoin as an asset free from state control. If Bitcoin were to be reduced to yet another derivative on a bank's balance sheet, it would lose its true meaning.