Update
Solana Policy Institute’s Kristin Smith on Crypto Rules
Kristin Smith, the president of the Solana Policy Institute, warns that final digital asset rules from the SEC and CFTC may be difficult to reverse if they are established before summer 2028. She argues that agency rulemaking usually takes around 18 to 24 months, and the Congressional Review Act gives Congress only a limited window to overturn rules after agencies establish them. Smith points to the Clarity Act's failure in the Senate and the CFTC's classification of several digital assets as digital commodities rather than securities as examples of progress made by the agencies. She also emphasizes the importance of getting rules finalized quickly, as the industry's lobbying focus should shift toward this goal. The Solana Policy Institute has held over 300 meetings with policymakers and sent a comment letter to the CFTC, pushing for exemptions for non-custodial wallet software and a framework for 24/7 compliance.