The landscape of the cryptocurrency industry has undergone a remarkable transformation in 2025, evolving from a perceived pariah to a significant power broker within Washington D.C. This shift has been largely spearheaded by key figures like Kristin Smith, who currently leads the Solana Policy Institute. In the latest episode of Fortune’s Crypto Playbook vodcast, available on Spotify, Apple, and YouTube, Smith discusses the pivotal role she has played in advocating for the blockchain sector.
In 2018, Smith was instrumental in founding the Blockchain Association, which became the first major cryptocurrency trade group in the nation’s capital. This was long before many lawmakers even recognized the potential of Bitcoin and other digital assets. Over the past seven years, she has worked tirelessly to educate lawmakers on the importance of blockchain technology, even amidst challenges such as the collapse of high-profile firms like FTX, which ignited a regulatory backlash against the industry.
The cryptocurrency sector has made significant investments in political advocacy, spending over $200 million to support pro-blockchain candidates, including former President Donald Trump. This financial backing has yielded substantial returns, as evidenced by the Trump administration’s push for legislation that benefits the industry. One of the key legislative successes has been the Genius Act, which establishes essential regulations for stablecoins and has been embraced by both sides of the aisle.
Currently, D.C. advocates like Smith are focused on advancing the Clarity Act, a bill that seeks to overhaul the regulatory framework governing U.S. financial markets. The House successfully passed its version of the legislation earlier this summer, while the Senate continues to deliberate. Smith estimates that the Clarity Act has a roughly 60% chance of passing within the next year, despite facing more significant challenges than the Genius Act did.
As the industry celebrates a series of legislative victories, including an executive order establishing a strategic Bitcoin reserve, the question remains: Will Washington’s newfound approach to cryptocurrency endure? In 2022, lawmakers were on the verge of passing critical legislation before the fallout from the collapse of FTX prompted a government crackdown. Without the Clarity Act, blockchain firms may remain vulnerable to potential shifts in political sentiment should market conditions worsen.
Moreover, some critics caution that the emergence of digital asset treasury companies focusing on assets like Ethereum might signal the onset of another bubble in the crypto sphere. However, Smith remains optimistic. She asserts that even in the absence of new legislation, regulatory bodies such as the Securities and Exchange Commission (SEC) can still engage in essential rulemaking to solidify the gains made by the industry. This sentiment is echoed by SEC Chair Paul Atkins, who recently introduced “Project Crypto,” aimed at facilitating innovations such as tokenization and super-apps.
“If the president wants something and a bipartisan Congress wants something and an industry wants something,” Smith stated, “I think there’s a way to get it done.”
For those interested in diving deeper into Kristin Smith’s insights, the full interview and the first five episodes of the Crypto Playbook are accessible on Fortune’s platforms. This influential narrative underscores the evolving dynamics of cryptocurrency advocacy and the ongoing efforts to secure a stable regulatory environment for the industry.
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