PANews reported on May 7th that BitMEX co-founder Arthur Hayes stated at Consensus 2026 that the crypto industry does not need regulation, and regulation is essentially irrelevant to Bitcoin's value proposition. Only two core factors determine Bitcoin's price: technological reliability and fiat currency liquidity, with the latter being the true driving force. Whether it was the quantitative easing during Obama's era, Trump's "helicopter money" during his first term, or the approximately $2.5 trillion in reverse repurchase funds released by Treasury Secretary Yellen during Biden's administration by replacing long-term debt with short-term bonds, each round of monetary expansion has closely coincided with a significant rise in Bitcoin's value.

Despite the Trump administration signing crypto-related legislation and signaling clearer regulations, Bitcoin's price has still fallen by about 25% over the past 18 months, proving that regulatory benefits do not directly affect price increases; liquidity is the fundamental reason. He also stated that the Trump family's previous experiences with debanking, asset freezes, and numerous lawsuits made them realize the value of Bitcoin as an asset free from state control. If Bitcoin ultimately becomes just another derivative on bank balance sheets, it will lose its true meaning.