Kristin Smith, president of the Solana Policy Institute, warns that digital asset regulations finalized by the SEC and CFTC before summer 2028 will be difficult to reverse. The industry faces a critical two-year window, as agency rulemaking typically spans 18 to 24 months, and the Congressional Review Act limits the period for overturning new rules.
The legislative landscape remains uncertain after the Clarity Act failed to advance in the Senate on September 15, 2026, receiving 49 votes against 50. Without a market structure bill, regulatory agencies have taken the lead. In March 2026, the SEC and CFTC issued a joint release classifying assets like Solana as digital commodities.
The Solana Policy Institute conducted over 300 meetings with policymakers in 2026. On July 9, 2026, the organization submitted a letter to the CFTC requesting exemptions for non-custodial wallets and recognition of blockchain recordkeeping. Smith also noted previous policy successes, including the GENIUS Act and updates to IRS broker rules.
Effective October 17, 2026, Smith assumed the role of interim CEO at the Blockchain Association while maintaining her position at the Solana Policy Institute. She suggests that industry lobbying should prioritize the rapid finalization of favorable agency rules rather than waiting for new congressional legislation.
