Law of Code #174 - Crypto's market structure moment, with Bill Hughes of Consensys
Feb 16, 2026
Bill Hughes, Senior Counsel at ConsenSys, a Washington crypto policy and market-structure expert. He talks through why congressional committees and agencies matter for crypto law. He outlines the stablecoin yield fight, DeFi regulation tensions, and the political stakes of a narrow policy window in D.C. Short timelines and strategic tradeoffs drive much of the conversation.
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Why Two Committees Handle Crypto
- Agriculture and banking committees split crypto jurisdiction because commodities and securities map to different markets and regulators.
- Bills touching both futures/commodities and securities require coordination between the CFTC and SEC via those committees.
Committees And Agencies Work Closely
- Committee staff and agency relationships are fluid and staff rotate between committees and agencies.
- That relationship affects how much input agencies like the SEC provide during drafting and oversight.
Illicit Finance Shapes Democratic Approach
- Illicit finance and DeFi interfaces are major sticking points, with Democrats favoring stronger measures.
- Democrats prefer bringing actors inside regulatory perimeters to reduce abuse risks like Tornado Cash.