Kristin Smith, who leads the Solana Policy Institute and serves as interim CEO of the Blockchain Association, argues that crypto policy in Washington is moving in the industry's favor even after the Senate did not advance the Clarity Act.

She contends that rules finalized before the summer of 2028 could be difficult to roll back, framing the setback as less damaging than it appears.

Smith pointed to policy wins she says the industry has already achieved, including the Genius Act and an IRS broker-rule change. She noted that the CFTC has opened public comment on rules governing leveraged retail crypto trading.

Regarding rulemaking timelines, she suggested that the SEC and CFTC typically take about 18 to 24 months to complete their processes.