What went down in DC this week
We go through the industry news and moves that matter so you don't have to
The latest on an important bill that helps our industry: where are we right now?
The crypto industry has long been awaiting “market structure” legislation, which would finally address the regulatory uncertainty that has plagued builders and adopters. By establishing a clear regulatory framework for digital asset markets, this bill, if passed, would establish clear rules of the road for blockchain systems — ending the years of uncertainty that have:
stifled innovation,
exposed consumers to harm,
and favored profiteers embracing opacity over the entrepreneurs pursuing transparency.
The bill has gone through many forms and iterations since inception. So where are we now on this important legislation passing? Well, here’s the latest in D.C.:
This Thursday, the Senate Committee on Agriculture, Nutrition & Forestry — which among other things oversees the Commodity Futures Trading Commission (CFTC) — held a markup of its portion of the legislation. This is the step in the lawmaking process where bills are debated and amended before heading to the Senate floor.
Since the bill just cleared the Ag committee this week, the Senate Banking Committee will now hold a markup of their portion of the bill; this committee oversees the Securities and Exchange Commission (SEC) among other things. Timing of the markup has not yet been announced.
Why two committees? These committees together oversee the agencies who will regulate digital assets and crypto intermediaries in the United States. Once both bills are passed by their respective committees, the bills will be combined before proceeding to the Senate floor for final passage. After that, the bill would go back to the House of Representatives for a final vote and then proceed to the President’s desk for signature.
Stay tuned and continue to follow here — and share this newsletter with others (a16zcrypto.substack.com) — for implications for builders, institutional partners, consumers, and other adopters of crypto technologies.
Preparing for ‘future threats’: when, where, and what you can do
Last week, the Ethereum Foundation (EF) announced a new Post-Quantum team. They have “officially declared” post-quantum security a top strategic priority, given that the pace of engineering breakthroughs have been “nothing short of phenomenal” since EF started their R&D journey here a few years ago. “It’s now 2026, timelines are accelerating. Time to go full post-quantum”, shared security researcher Justin Drake.
This week, Coinbase CEO Brian Armstrong shared that they set up an independent advisory board on quantum computing and blockchain, because “Preparing for future threats, even those many years away, is crucial for our industry.“ The board is composed of “world-renowned experts” who will help evaluate the implications of quantum computing and provide “clear, independent” guidance to the broader community.
One of the distinguished researchers on this board is Dan Boneh, professor of computer science and electrical engineering at Stanford University, co-director of the Stanford Center for Blockchain Research, and also Senior Research Advisor to a16zcrypto. Check out Boneh on quantum computing — what it is, applications, timelines, and planning for post-quantum — here [read or listen], in conversation with a16z crypto research’s Justin Thaler, and Sonal Chokshi.
Thaler also previously shared the myths vs. realities on quantum computing, and the importance of matching the urgency to actual threats: What does quantum computing mean for blockchains, really; and what should various stakeholders do to prepare? He shares 7 recommendations:
Deploy hybrid encryption immediately
Use hash-based signatures immediately (when the large size is tolerable)
Blockchains don’t need to rush post-quantum signatures — but should start planning now
Privacy chains, which encrypt or hide transaction details, should prioritize a transition sooner (if performance is tolerable)
Prioritize implementation security — not quantum threat mitigation — in the near term
Fund quantum computing and talent development
Maintain perspective on quantum computing announcements — treat press releases as progress reports to critically assess, not as prompts for abrupt action
See community commentary on this
— a16z crypto editorial team
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