Crypto Market News

06/16 06:51

Solana Institute warns Senate against weakening CL

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The Solana Institute has urged U.S. senators to preserve key provisions of the CLARITY Act as industry participants increasingly look toward an August timeline for advancing the legislation through Congress. According to Solana Institute President Kristin Smith, the Blockchain Regulatory Certainty Act provisions included in the CLARITY Act should remain unchanged as lawmakers prepare to consider the bill in the Senate. In comments posted on X, Smith said the CLARITY Act could soon reach the Senate floor, while arguing that protections for non-custodial blockchain participants are essential to the legislation. 3/ The industry's leading founders, CEOs, and investors – rivals for talent, capital, and market share – signed a single letter to Senate leaders with one request: do not weaken these Smith said the BRCA would establish that blockchain developers, node operators, and validators who do not take custody of customer funds should not be treated as money transmitters under U.S. law. She argued that the language creates a clear distinction between software and infrastructure providers and firms that directly control user assets. Describing the measure as consistent with guidance issued by the Treasury Department’s Financial Crimes Enforcement Network last year, Smith said the provision provides legal certainty for open-source software developers and network operators. She added that major founders, executives, and investors from across the crypto sector had jointly asked Senate leaders not to dilute those protections. While industry groups push to keep the language intact, several outstanding issues remain under discussion in Washington. Smith noted that BRCA provisions were recently reviewed during a White House meeting involving law enforcement officials, where participants discussed possible changes. Ongoing negotiations

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