Consensys' Bill Hughes calls UK FCA crypto proposal a 'mother, may I' regime broader than MiCA or US

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Consensys senior counsel Bill Hughes blasted the UK FCA's new crypto regulatory proposal, arguing it would force every actor in the space to seek permission before operating — a 'mother, may I' regime he says is more expansive than EU's MiCA or anything the US currently has under Trump. The FCA's draft rules cover dealing, arranging deals, safeguarding, stablecoin issuance, and staking, with ambiguous 'arranging deals' language that could ensnare non-custodial wallet interfaces. Consultation is open until June 2026, with the new crypto bill set to take effect by October 2027.

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Consensys' Bill Hughes calls UK FCA crypto proposal a 'mother, may I' regime broader than MiCA or US

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Consensys' Bill Hughes calls UK FCA crypto proposal a 'mother, may I' regime broader than MiCA or US

More on UK

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Coinbase’s blockchain forensics helped UK police trace a kidnapping-linked theft onchain, leading to five convictions and showcasing how transparent ledgers can make the crypto economy safer than cash.

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