Consensys Senior Legal Counsel Bill Hughes has raised concerns that the UK's stringent cryptocurrency regulations could jeopardize its status as a leading crypto hub. Speaking at the Zebu Live conference in London, Hughes criticized the UK Financial Conduct Authority (FCA) for its lack of a clear regulatory framework and slow progress, which he believes could allow the US to gain a competitive edge. He argued that treating cryptocurrencies as financial instruments under all regulations would stifle the UK's competitiveness. Hughes highlighted the regulatory differences between the UK and the US, noting that while the US aims to foster blockchain technology development, the UK focuses on managing risk and uncertainty. He suggested that policies supporting innovation, like the US's recent federal stablecoin legislation and market structure efforts, would better support blockchain innovation in the UK.