# #176 - In the weeds on U.S. market structure regulation with Gerald Gallagher

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Text version: https://stenobird.com/podcast/law-of-code-4138106/176-in-the-weeds-on-u-s-market-structure-regulation-with-gerald-gallagher.md
Podcast: [Law of Code](https://stenobird.com/podcast/law-of-code-4138106)
Published: 2026-02-25T10:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/lawofcode/episodes/176---In-the-weeds-on-U-S--market-structure-regulation-with-Gerald-Gallagher-e3fethh
Audio file: https://anchor.fm/s/5e2873d8/podcast/play/115880945/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-1-23%2F418619056-44100-2-8d3927a650c2c.mp3
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Duration seconds: 2987

## Resource

What role are ethics provisions and stablecoin yield debates, playing in shaping — or potentially delaying — U.S. crypto market structure legislation? Gerald Gallagher is General Counsel at Sei Labs and co-host of the Crypto in America podcast, where he covers crypto policy, regulation, and legal developments in Washington. Timestamps: ➡️ 1:30 — Stablecoin yield debates and why banks are back at the negotiating table ➡️ 4:24 — Trade associations vs. decision-makers in White House crypto meetings ➡️ 7:43 — Ethics provisions and constitutional challenges shaping negotiations ➡️ 12:48 — Network token frameworks, ancillary assets, and draft bill trends ➡️ 14:38 — DeFi intermediaries: software providers vs. financial actors ➡️ 17:44 — Disclosure quality vs. disclosure volume in market structure drafts ➡️ 21:38 — Legislation vs. agency guidance vs. litigation: three regulatory paths ➡️ 24:30 — What retail users would actually notice if market structure passes ➡️ 30:08 — Global competition: MiCA, Singapore MAS, and U.S. brain drain risk ➡️ 43:51 — Regulatory moats, incumbents, and the future of innovation Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org. Resources: 📓 The latest market structure discussion draft (banking committee) 📓 ⁠ The GENIUS Act Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Views expressed by the guest are their own and do not necessarily reflect those of their employers. Listening to this podcast does not create an attorney-client relationship.

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