Law of Code #169 - Drew Hinkes shares 2026 crypto law predictions
Jan 26, 2026
Drew Hinkes, a partner at Winston & Strawn and long‑time crypto lawyer, maps 2026 legal terrain for DeFi, tokenization, and market structure. He discusses tokenized RWAs and institutional momentum. He flags AML/KYC pressure on permissionless finance. He examines interfaces as regulatory targets and why gray areas will persist around tokens, equity, and TradFi convergence.
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Market Structure Will Re-Bucket Assets
- Upcoming market structure legislation will likely allocate spot, derivatives, and securities across agencies.
- Spot non-securities may land with the CFTC while digital-asset securities remain with the SEC.
DeFi's Legal Identity Remains Unclear
- DeFi is a set of services, not just assets, and its legal treatment is uncertain under market structure.
- The Senate and House differ sharply on whether front ends or interfaces count as intermediaries.
Design DeFi To Avoid Single Points Of Control
- Harden DeFi by designing access that doesn't rely on single non-custodial front ends.
- Developers should create interfaces allowing true permissionless user interaction to avoid intermediary regulation.