Crypto is winning in Washington even though the Clarity Act failed, says Kristin Smith, president of the Solana Policy Institute. She argues rules that federal regulators finish before summer 2028 could prove hard to reverse.

The Clarity Act, a bill that would have set federal market rules for digital assets, failed in the Senate. However, agency rules are easier to reverse than laws, so timing matters.

Is Crypto Really Winning in Washington?

Smith leads the Solana Policy Institute, a crypto policy group. She is also stepping in as interim CEO of the Blockchain Association, a trade group.

She told Bloomberg the industry has already won the Genius Act, the US stablecoin law. It also won a…