Chevron Deference and Its Effects

Ayana Dow, Senior Counsel at the DeFi Education Fund (DEF) shares her unique career trajectory from Big Law and Capitol Hill to the forefront of decentralized finance policy. The discussion centers on the critical need for regulatory clarity in crypto, the distinction between decentralized protocols and centralized entities, and the ongoing efforts to educate lawmakers on blockchain technology.

Key takeaways include an analysis of how current market structure bills might shift oversight to the CFTC and the importance of protecting software developers to ensure the continued innovation of DeFi systems.

• From Big Law to D.C. Policy: Dow discusses her transition from traditional M&A and regulatory work to policy-focused roles.

• Experience on the Hill: Insights from Dow's time as a policy fellow for Congressman Jim Clyburn and her internship at the CFTC.

• The Tennis Connection: How the real-time problem-solving skills learned as a collegiate tennis player apply to navigating shifting SEC guidance.

• The Crypto "Genesis Block": Why the potential for financial inclusion and "debanking" issues drew Dow to the crypto industry.

• Mission of the DeFi Education Fund: An overview of DEF's role as a nonpartisan advocacy group focused on sound policy and judicial education.

• Law Firm vs. In-House Policy: The structural challenges of conducting long-term policy work within the billable hour model of a traditional law firm.

• Why Focus on Developers?: Understanding why the DeFi Education Fund prioritizes the protection of software developers over specific tokens or protocols.

• Market Structure & Regulatory Harmonization: A breakdown of recent SEC and CFTC guidance and the future of congressional legislation.

• The Impact of Chevron Deference: Discussion on how the removal of Chevron deference changes how agencies and judges interpret financial laws.

• DEF's Myth v. Fact Sheet on the BRCA (Link)

• A DEF blog post on the Promoting Innovation in Blockchain Development Act of 2026

• A DEF Letter to the SEC in response to Citadel Securities