For years, Washington was viewed as a hostile environment for the cryptocurrency sector. Regulatory crackdowns, lawsuits, and uncertain policies pushed many developers abroad and left advocates struggling on Capitol Hill.
However, as Kristin Smith, president of the Solana Policy Institute, details in the latest episode of the Clear Crypto Podcast, a significant shift has occurred.
Crypto coordination
Smith, an experienced policy leader in Washington and former CEO of the Blockchain Association, joined hosts Nathan Jeffay and Gareth Jenkinson to discuss the evolving US regulatory landscape.
What was once a disjointed and defensive industry has become one of the most organized and impactful political movements in recent history.
“At least in the United States, [there was] an all-out assault on crypto, primarily using the securities laws to create confusion and push builders overseas,” she stated.
“But if you consider where we were… Crypto has not only survived but thrived. I believe this will expand the marketplace beyond what we could have previously imagined.”
Central to this change is the recently enacted GENIUS Act, groundbreaking legislation establishing a federal framework for dollar-backed stablecoins. Smith views the law as a landmark win for the industry and a validation of blockchain’s importance to the US economy.
“It’s crucial not just for stablecoins, but also for the underlying blockchains where those stablecoins are minted,” she remarked.
“Moving forward, if we have substantial value being exchanged on these networks, the government will not be able to undermine them. It would be politically untenable.”
Lobbying influence
The episode also underscores the evolution of lobbying within the crypto space. From a mere handful of policy advocates in 2017 to hundreds today, the crypto industry has established a foothold in Washington that rivals traditional sectors. Smith noted:
“We transitioned from companies that were hesitant to engage in Washington…to having the largest super PAC out there. It’s a genuine political movement.”
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The Solana Policy Institute serves a distinct role in this environment, representing an entire blockchain network rather than just one entity.
By amplifying the voices of Solana developers, builders, and users, SPI is forging a new path for how decentralized communities can interact with regulators.
Nevertheless, Smith emphasizes that this approach is not about safeguarding incumbents. Advocates in crypto are driven by a vision of a fairer, more open financial system, allowing individuals ownership of their assets and the ability to transact without unnecessary intermediaries.
To listen to the full discussion on the Clear Crypto Podcast, visit Cointelegraph’s Podcasts page on Apple Podcasts or Spotify. And be sure to check out Cointelegraph’s full range of other shows!
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