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For years, Washington was viewed as unfriendly territory for the cryptocurrency sector. Regulatory clampdowns, legal actions and policy ambiguity forced numerous developers abroad and left supporters battling uphill struggles on Capitol Hill.
However, as Kristin Smith, president of the Solana Policy Institute, articulates in the latest edition of the Clear Crypto Podcast, the situation has shifted significantly.
Crypto collaboration
Smith, an established policy leader in Washington and former CEO of the Blockchain Association, joined hosts Nathan Jeffay and Gareth Jenkinson to analyze the evolving US regulatory landscape.
What was once a disjointed and defensive sector has evolved into one of the most organized and impactful political movements in recent history.
“At least in the United States, [there was] a relentless assault on crypto, mainly utilizing securities laws to create confusion and drive innovators overseas,” she noted.
“But if you observe where we were… Crypto has persevered and now flourished. And I believe it’s going to broaden the marketplace to levels we’ve only envisioned up to now.”
Central to this transformation is the recently enacted GENIUS Act, a groundbreaking law that establishes a federal framework for dollar-pegged stablecoins. Smith characterizes the legislation as not just a win for the sector but also a confirmation of blockchain’s significance in the US economy.
“It’s crucial not only for stablecoins, but for the foundational blockchains on which the stablecoins are created,” she stated.
“Moving forward, if there’s substantial value being transacted on these networks, then the government cannot come and assault those networks. It will simply be politically impractical.”
Lobbying power
The episode also illustrates how lobbying has advanced within the sector. From just a few policy advocates in 2017 to hundreds today, crypto has established a foothold in Washington that competes with more traditional industries. Smith observed:
“We transitioned from having companies that were reluctant to engage in Washington…to having the absolutely largest super PAC out there. It’s a genuine political movement.”
Related: SoFi to become first US bank to integrate Bitcoin Lightning, UMA
The Solana Policy Institute occupies a distinctive position in this ecosystem, representing an entire blockchain network rather than a single entity.
By amplifying the viewpoints of Solana developers, creators, and users, SPI is crafting a new guide for how decentralized communities can interact with regulators.
Nevertheless, Smith emphasizes that this isn’t about safeguarding incumbents. Advocates of crypto are driven by a vision of establishing a more equitable, open financial system, one where individuals possess their assets and can transact without unnecessary intermediaries.
To hear the full discussion on the Clear Crypto Podcast, tune into the complete episode on Cointelegraph’s Podcasts page, Apple Podcasts, or Spotify. And be sure to explore Cointelegraph’s comprehensive lineup of other shows!
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