Katie Harries, Coinbase's head of policy for Europe, argues that the FCA's proposed crypto rules could amount to a de facto ban on regulated firms providing access to DeFi. The FCA expects regulated platforms to execute customer orders only on FCA-authorized venues, but DeFi protocols have no authorized person behind them. The rules apply from October 2027, and the FCA is not writing DeFi-specific rules, applying the same standards as fully centralized trading. The author argues a ban would push activity beyond regulators' visibility, and that clear consumer information, firm responsibilities and customer consent before leaving a regulated platform would address the risks better. The article points to the EU, where ESMA has proposed allowing regulated firms to provide DeFi access, and the US, where the SEC granted an Innovation Exemption for peer-to-peer trading of tokenized stocks.
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Related tickers and likely impact
AAVE/USDT
• NeutralAave
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | DeFi |
| Market cap | $2.4B |
| Close on 10/21/2026 | 154.93 |
| Change that session | +0.21% |
UNI/USDT
• NeutralUniswap
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | DeFi |
| Market cap | $4.5B |
| Close on 10/21/2026 | 7.4550 |
| Change that session | +0.13% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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