Jack Kubinec

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed">subscribe</a>.



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Former Blockchain Association CEO Kristin Smith has spent nearly two months as president of the newly-formed Solana Policy Institute. I caught up with her to get the latest on the Solana and policy front in Washington.



This interview has been edited for brevity and clarity.



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Jack: Give the US regulatory outlook a report card grade.



Kristin Smith: I would give it an “A” on the report card. If you look at the past six months, there’s been tremendous progress in undoing the bad policies of the last administration. We’ve seen a turnaround on debanking of crypto companies, we’ve seen the end to the litigation, we’ve seen a pullback on different regulations, <a href="https://blockworks.co/news/hester-peirce-reveals-sab-121-rescission">like SAB-121</a>, that were preventing new entrants into the crypto space.



So that in and of itself has been incredibly successful. But the fact that we have a “<a href="https://blockworks.co/news/crypto-bills-in-congress">Crypto Week</a>” in Washington next week … it looks like we’re on track to get a stablecoin regulatory framework actually <a href="https://blockworks.co/news/genius-stablecoin-act-passes-senate-vote">signed into law</a> by President Trump. I think it’s evidence that we’ve come incredibly far in turning around from where we were even just a short six months ago.



Jack: Looking forward into the future, what’s on your wish list on the Solana side of things <a href="https://blockworks.co/news/solana-policy-institute-ceos-political">as you advocate</a> for that ecosystem?



Kristin Smith: One of the things we’ve been doing a lot of thinking on is what changes need to be made, if any, at the regulatory level to ensure that Solana or any other public blockchain can become the home of internet capital markets.



And we’ve gone in to see the SEC and have been submitting some comments on something <a href="https://blockworks.co/news/project-open-sec-proposal-solana">we’re dubbing as “Project Open,”</a> and basically encouraging [the SEC] to issue statements and guidance and potentially exemptive relief, and consider a time-limited sandbox so that we can get more equities issued onchain.



Jack: Solana is very diverse, and there’s a lot of different visions of what people should build. I know that you guys did a DePIN summit and that’s an exciting, kind of tangential thing. What sector of Solana are you spending most of your time on? Or has the most to gain or lose through engagement with policymakers?



Kristin Smith: It’s a little bit of all the above. The issues around tokenized securities are probably where I’m spending the bulk of my time, but when it comes to basic education of Congress…I would say out of all the use cases, the DePIN use cases are the ones that resonate the most.



It depends on the policymaker we’re trying to find the connection with, but I do think that from a policy perspective, I think the work that we’re doing with Project Open and the SEC, and trying to find the best way to help make the internet capital markets a reality, from a regulatory perspective, is probably one of the more meaningful things we could do.



But you know, that’s not a message that really resonates with your rank-and-file member of Congress who’s just trying to understand what a blockchain is. Something like DePIN is better in that context.



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Kristin Smith

Solana Policy Institute wants to see more equities issued onchain

Shalini Nagarajan

The Blockchain Association has filed further requests under the Freedom of Information Act (FOIA) as part of its quest to investigate the recent disintegration of crypto-friendly banks.



The group said in a <a href="https://theblockchainassociation.org/blockchainassociation-submits-additional-foia-and-foil-requests-to-further-investigate-de-banking-of-crypto-firms/">statement</a> dated April 14 that it had submitted requests for information to the Federal Housing Finance Agency (FHFA) and the New York Department of Financial Services (NYDFS).



Blockchain Association wanted to understand whether Signature Bank’s closure resulted from its insolvency or whether it was a regulatory decision to “send an anti-crypto message” despite the bank being fully solvent.



Furthermore, the association said it was investigating whether the Federal Home Loan Bank of San Francisco (overseen by the FHFA) made a politically-motivated decision “to take the extraordinary and unusual action of pulling a loan made to Silvergate only months earlier” before its failure.



Both Silvergate and Signature were considered key banks for crypto-focused companies, while Silicon Valley counted several crypto startups and venture capitalists as customers.



Silvergate wound down operations and said it <a href="https://blockworks.co/news/silvergate-intends-wind-down-operations">voluntarily liquidated</a> the bank on March 8. Silicon Valley Bank was <a href="https://blockworks.co/news/silicon-valley-bank-meltdown-has-little-to-do-with-crypto">forced to shut down</a> by federal regulators on March 10 after its investments significantly lost value. And fears of contagion led to the same happening with <a href="https://blockworks.co/news/new-york-community-bank-acquires-signature">Signature Bank</a> on March 12.



The additional requests come about a month after the group submitted <a href="https://theblockchainassociation.org/blockchain-association-submits-foia-request-to-investigate-de-banking-of-crypto-firms/" target="_blank" rel="noreferrer noopener">similar requests</a> to the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency.



The crypto lobby group, dedicated to promoting innovation for the digital asset ecosystem, said it was investigating <a href="https://blockworks.co/news/fdic-grilled-crypto-bank-takeovers">allegations of de-banking</a> and regulatory actions that may have <a href="https://blockworks.co/news/chokepoint-2-0-efforts-effective">improperly contributed to the collapse</a> of Signature, Silicon Valley Bank and Silvergate.



“The crypto industry is building the next generation of the internet and financial services. This is important work that has created tens of thousands of American jobs. Businesses need bank accounts to pay employees, vendors, and taxes,” Blockchain Association’s CEO Kristin Smith said in a statement. &#8220;These are lawful businesses in the United States and should be treated like any other law-abiding business.&#8221;



Blockchain Association’s chief policy officer Jake Chervinsky is set to testify before the House Financial Services Committee on Wednesday in a hearing discussing stablecoin regulation.



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Banking

Blockchain Association Seeks Info on Regulators’ Crypto-Friendly Bank Crackdown

Casey Wagner

The Blockchain Association is doubling down on its stance that neutral tools cannot legally be sanctioned.&nbsp;



In a new court filing Wednesday, the crypto policy advocates back a group suing the US government and related officials for sanctioning <a href="https://blockworks.co/news/authorities-target-chipmixer-for-money-laundering">crypto mixing service</a> Tornado Cash in 2022.&nbsp;



Six <a href="https://blockworks.co/tag/tornado-cash" target="_blank" rel="noreferrer noopener">Tornado Cash</a> users sued the Treasury, Secretary Janet Yellen, the Office of Foreign Asset Control (OFAC) and its head Andrea Gacki in September 2022, a month after the <a href="https://home.treasury.gov/news/press-releases/jy0916">sanctions</a> were imposed. 



The plaintiffs, known as Van Loon et al, allege the government&#8217;s actions infringe upon constitutional rights and “threaten the ability of law-abiding Americans to engage freely and privately in financial transactions,” a complaint filed on Sept. 8 reads.&nbsp;



The <a href="https://blockworks.co/tag/blockchain-association" target="_blank" rel="noreferrer noopener">Blockchain Association</a> backs the plaintiffs in an <a href="https://theblockchainassociation.org/wp-content/uploads/2023/04/BlockchainAssociation-and-DeFiEducationFund-Amicus-Brief-1.pdf">amicus brief</a>, a document submitted from an interested party not directly involved in a case, filed Wednesday. 



“We urge OFAC to see Tornado Cash for what it is: an autonomous, decentralized software program that supports the right to privacy, rather than a tool that is de facto illegal simply because it can be used by anyone, including bad actors,” <a href="https://blockworks.co/tag/kristin-smith" target="_blank" rel="noreferrer noopener">Kristin Smith</a>, Blockchain Association CEO, said in a statement. 



“A hammer is a tool, a car is a tool, indeed the internet itself could be considered a tool. Ordinarily, OFAC would not consider sanctioning neutral tools used by some people for illicit activities, it would sanction the people committing those activities,” Smith added.&nbsp;&nbsp;



The Treasury alleges Tornado Cash was used to <a href="https://blockworks.co/news/treasury-official-insists-crypto-mixers-can-obstruct-russian-sanctions">launder more than $100 million in cryptocurrencies illegally stolen in 2022 hacks</a>.&nbsp;



In their original complaint, Van Loon et al counter that as a decentralized, open-source software, OFAC has no jurisdiction in sanctioning Tornado Cash. Plaintiffs argue that using the service to anonymize crypto transactions and donations should be legal, as citizens have a right to privacy and security in financial transactions.&nbsp;



“To avoid broadcasting their finances to the world, many digital asset holders have turned to privacy-protecting tools like Tornado Cash,” the Blockchain Association wrote in the amicus brief. “Such tools allow users to reclaim privacy that would be available as a matter of course in other contexts, while retaining the benefits that come with using blockchain technology.”&nbsp;



Parties or their respective counsels are required to appear for a pretrial conference on April 23, 2023, court documents show.



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Blockchain Association

Blockchain Association Doubles Down on Backing Tornado Cash in Lawsuit

<div id="highlights-block_62822d7567058" class="highlights">
 <ul>
 <li>The UST situation could accelerate talks of a CBDC in the US</li>
 <li>Even if lawmakers agree on establishing a CBDC, there is still concern over structure and role, others say</li>
 </ul>
 
</div>



The ongoing <a href="https://cms.blockworks.co/?s=terra" target="_blank" rel="noreferrer noopener">TerraUSD meltdown</a> might be the final push central bankers need to more seriously consider establishing a central bank digital currency, some industry experts say. 



UST collapsed dramatically last week after a weekend de-pegging from its goal base-price of $1 precipitated a spiral downward to a low of $0.126 early Monday, according to CoinGecko. The token’s adjacent cryptocurrency, LUNA, plummeted from $86 last week to near $0 at time of publication.



Some industry members predict the conversation may soon shift to the need for a reliable, state-run CBDC.&nbsp;



“There is a demand for digital money, whether that comes in the form of stablecoins or it comes in the form of a central bank issued instrument,” said Jonathan Dharmapalan, CEO of eCurrency, which provides technology for central banks to issue and distribute CBDCs.&nbsp;



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“Accelerating our efforts to provide a truly stable United States dollar…I think that is a conversation that&#8217;s going to have to be put on the table.” </blockquote>



The situation has accelerated debate around stablecoin policy and regulation in the US. US Treasury Secretary <a href="https://cms.blockworks.co/?s=yellen" target="_blank" rel="noreferrer noopener">Janet Yellen</a> has doubled down on her plea to Congress to create policy around who is allowed to issue stablecoins.



“There has been a lot of talk about stablecoin regulation and we have not landed on what is going to become law,” Dharmapalan said. “Then once it becomes law, who then regulates stablecoins? Is it the people who regulate banks, is it going to be the people who regulate securities? There&#8217;s debate about which entity becomes a regulator of stablecoins.”&nbsp;



Lawmakers on the hill have signaled the need for greater understanding of what a CBDC might look like in the US, Kristin Smith, executive director of the <a href="https://theblockchainassociation.org/" target="_blank" rel="noreferrer noopener">Blockchain Association</a>, said. 



“I think [the UST situation] is certainly a factor that will go into future debates on CBDCs, but I still think the challenge with CBDCs is that there are still many questions around what the design could look like,” Smith said. “Then there&#8217;s also just the issue of the time it would take for a decision to be made and for technology to be deployed.”&nbsp;



The Treasury will issue a “comprehensive report” on cryptocurrencies and stablecoins “shortly,” Yellen said last week, as part of a request from the President’s Working Group on Financial Markets (PWG). She also stressed that Congress should be working on stablecoin legislation too, saying that it is “highly appropriate” this gets done by the end of 2022. Even so, tangible policy is still likely a long way off, Smith said.&nbsp;



“I still think that&#8217;s many, many years out from happening, and by that time, I think we&#8217;re going to have a very mature stablecoin market,” Smith said.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“Our financial services system is going to look significantly different than it does today, and so the need for one might not be as acute by the time we reach that time.”</blockquote>



Besides, other industry experts said, a CBDC is not interchangeable with a stablecoin, and the two types of digital currency play different roles.



“The main advantage of stablecoins is the large reach, user base and solid reputation of traditional financial institutions,” Anton Chashchin, managing partner of Bitfrost.io, said. “I believe that algorithmic stablecoins do not need to be included in the CBDC system. As the recent case with UST showed, there are still significant risks to address, which need to be resolved.”



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CBDC

UST’s Collapse Might Push Central Banks Closer to a CBDC

<div id="highlights-block_6267f70eab89f" class="highlights">
 <ul>
 <li>New York state lawmakers will soon vote on legislation that would place a two-year moratorium on proof-of-work crypto mining projects in the state</li>
 <li>A ban would effectively turn away substantial investments and well-paying jobs for New Yorkers</li>
 </ul>
 
</div>



New York has always been an engine of economic and technological development, driving the growth and success of the United States in the process. Now, many in the state, including New York City Mayor Eric Adams, are <a href="https://twitter.com/ericadamsfornyc/status/1456311827550384129" target="_blank" rel="noreferrer noopener">envisioning</a> New York as “the center of the cryptocurrency industry.&#8221; Unfortunately, it appears that the memo hasn’t yet reached Albany, as state legislators are gearing up this week to pass a two-year moratorium on crypto mining, which will drive the nascent industry out of the state and potentially worsen current carbon emissions.



The crypto industry is promising substantial investments and well-paying jobs for New Yorkers statewide. Rather than create a regulatory environment that nurtures the industry, it appears that legislators are looking to stamp it out.



After an initial — but extremely close — vote that <a href="https://cms.blockworks.co/new-york-bill-banning-proof-of-work-crypto-mining-poised-to-advance/" target="_blank" rel="noreferrer noopener">passed the bill</a> through Committee on Monday, state lawmakers in the Assembly will soon vote on legislation that would place a two-year <a href="https://assembly.state.ny.us/leg/?default_fld=%0D%0A&amp;leg_video=&amp;bn=A07389&amp;term=0&amp;Summary=Y&amp;Text=Y" target="_blank" rel="noreferrer noopener">moratorium</a> on proof-of-work crypto mining projects in New York. Legislation such as this sends a terrible signal to crypto entrepreneurs and would have a chilling effect on the industry’s growth in New York state. 



For all intents and purposes, it is a forever ban on this type of mining in the state. Entrepreneurs and investors are not likely to wait two years, in the potentially futile hope that lawmakers will come to their senses and embrace crypto down the road. As more states open their doors to the crypto industry, New York seems determined to erect as many barriers to entry as it can.



The bill’s proponents argue that crypto mining projects, specifically those operating under the <a href="https://cms.blockworks.co/proof-of-work-vs-proof-of-stake-whats-the-difference/" target="_blank" rel="noreferrer noopener">proof-of-work</a> method, are damaging the environment and using too much energy at a time when prices are rising. While we share their desire to curb emissions and bring energy prices under control, the wrong answer would be to push crypto mining out of New York, which boasts some of the nation’s strictest carbon emissions standards and practices.



Even if New York shuts the door to crypto mining, proof-of-work mining is not going to be banned outright in the United States. Instead, these operations will move elsewhere, generating well-paying jobs for citizens of other states and allowing these projects to operate under less stringent environmental standards than they otherwise would in New York.



This decision will undermine the New York crypto industry’s progress and could lead to worsening carbon emissions and harm local communities that have built jobs and economic stability around the industry. There is even an opportunity for crypto mining to hasten the shift to renewable energy in New York by co-locating with renewable projects in areas of the state where transmission issues would otherwise make these projects untenable.



Legislators should take a look at the current and future real-world benefits of this new innovation more holistically. Fortunately, legislation is also being considered to study the industry’s impact on New York as a whole. Multiple bills would empower state agencies to study or implement a task force. Legislation to study crypto is even sponsored by the authors of the mining ban. Why ban an industry before you understand it?



New York has long been a beacon of innovation and economic growth, and if we embrace crypto today, we will help pave the way for it to become a global leader. Misguided legislation from Albany could derail this progress and cede New York’s preeminence to other cities, states and countries.&nbsp;



This is a generational moment — let’s make the right choice.



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Crypto Mining Ban Will Hurt New York and Our Environment

Ben Strack

<div id="highlights-block_62167c1871c86" class="highlights">
 <ul>
 <li>The lobbyist is “optimistic” about the crypto executive order expected this week</li>
 <li>The Blockchain Association, which educates lawmakers and regulators on crypto and blockchain technologies, hopes to further grow its lobbying forces</li>
 </ul>
 
</div>



Blockchain Association Executive Director Kristin Smith expects a pending digital assets executive order from President Biden to set up a roadmap for federal agencies to cooperate on everything from taxation to securities regulations.



The prominent crypto lobbyist talked with Blockworks at ETHDenver to give her take on regulatory expectations this year. Founded in 2018, the association focuses on public policy crypto initiatives, including outreach to lawmakers.



Smith, a former Senate and House of Representatives staffer, is also an independent director at Anthony Scaramucci’s SkyBridge Capital and on the Filecoin Foundation’s board.



The executive order — which reportedly will include a strategy for assessing a central bank digital currency (CBDC) — could come this week, <a href="https://finance.yahoo.com/news/biden-order-on-crypto-oversight-expected-next-week-source-says-173452499.html" target="_blank" rel="noreferrer noopener">according to Yahoo Finance</a>. What else it covers is up for debate.



“I’m sure there will be some mention of illicit finance,” Smith said. “But I think that might be balanced with a more positive message that this is an important area and an important step forward in the evolution of networks.”



Former presidential and New York City mayoral candidate Andrew Yang said at ETHDenver he’s optimistic about the upcoming executive order. Yang <a href="https://cms.blockworks.co/andrew-yang-turns-to-dao-in-web3-lobbying-push/" target="_blank" rel="noreferrer noopener">announced last week</a> a DAO to fund pro-Web3 lobbying.



“No one knows exactly what the approaches are going to be, what the regime is going to be, what the rules are going to be, even who the regulators are necessarily going to be,” Yang said. “If you get clarity on those things…you can imagine the future of this just multiplying over and over again, because people will know what the rules of the road are.”&nbsp;



Check out more excerpts from Blockworks&#8217; Ben Strack&#8217;s conversation with Smith below.



<hr class="wp-block-separator"/>



Strack: How have the focuses of the Blockchain Association changed over time?



Smith: When the Blockchain Association started three and a half years ago, we were pretty focused on the securities clarity issue at the time, and in 2018, it was coming off the [initial coin offering] craze of 2017 and there were a lot of concerns about the pre-sale of tokens at the time.



I think if you fast-forward to today, there are a lot of different ways now for tokens to be issued. There’s still confusion about securities laws, but the issue has changed a little bit. Also on the securities front, there’s questions around secondary market trading and what are the best practices there.&nbsp;



Even further with DeFi being a major force today — I don’t think that term existed in 2018 — just trying to figure out [how] those protocols might be regulated in the future.



The tax policy issues have gotten much more complicated. There’s questions around staking and lending, which were less common activities in 2018. Reserve-backed stablecoins have become a thing.



Strack: What do you make of the recent Congressional hearings on crypto?



Smith: It’s really getting better. I think <a href="https://cms.blockworks.co/crypto-industry-will-move-offshore-if-congress-doesnt-act-executives-warn/" target="_blank" rel="noreferrer noopener">that hearing</a> from the Financial Services Committee back in December was really a great hearing — interestingly not just for crypto, but for all of tech.



It was really thoughtful. There were really well-informed questions, and I think the level of education has grown.&nbsp;



​​We have a lot of inbound [requests] from individual offices on [Capitol Hill], from regulators, from federal agencies, from groups of congressmen that want to learn, and are asking for us to come in and tell them about Web3 or come in and tell them about NFTs. It’s a lot different than when we were sort of begging for anyone to take a meeting with us.&nbsp;



Strack: How has participation from the broader crypto community evolved?



Smith: The Blockchain Association represents the industry perspective, but this space is so much more than a traditional industry. It’s a whole ecosystem of creators and users and developers, and there needs to be a way for those people to participate in the process.



I think that given the communicative nature of the industry — and all of our Twitter chats and Discord channels and everything else — we’ve done a pretty good job when we’ve needed to mobilizing people to weigh in with the Senate or FinCEN [Financial Crimes Enforcement Network] or whatever agency or body of Congress we need to reach. But I think we can take that to a higher level.



I think Andrew Yang’s focus on the poverty alleviation of this is a really important piece of the conversation. I think that what [Messari Founder] Ryan Selkis is trying to do with the Digital Freedom Alliance and giving people information about candidates and finding ways for them to be involved is a great effort.&nbsp;



Strack: What are some areas of crypto that might not be getting as much regulatory attention?



Smith: We need to have a serious conversation about the legal status of DAOs [decentralized autonomous organizations] and giving them legal liability. That’s probably something that has to be done on the state-level.



I also think there’s a really good conversation to be had around privacy — being able to not have to show your entire net worth and transaction history to someone who is sophisticated enough to trace it back to you. At the moment, that’s not really at the forefront of lawmakers’ minds — maybe some regulators’ minds.



If you look at Congress, they’re really into stablecoins, largely because I think they can understand what a stablecoin is, and it’s kind of like banking, and so they sort of get that. And people are interested in the securities laws issues, particularly [SEC Chair] Gary Gensler.



Strack: A spot bitcoin ETF has not yet gained approval in the US. How do you feel about that?



Smith: We think the fact that they have approved a futures ETF but not a spot ETF is an [Administrative Procedure Act] violation, and so we think that they should move quickly. There have been members of Congress that have reached out to us that we’ve educated on the issue and want to learn more.



That’s something that we’re taking a serious look at, and our lawyers are taking a serious look at trying to figure out if there are other actions we could take to help move that along and be productive.



Strack: Do you believe a spot bitcoin ETF will be approved in the US anytime soon?



Smith: I don’t see it happening. Based off what Gary Gensler has said, he wants to see regulation of the spot markets. But that is not an easy thing to do, because I don’t believe that most of these tokens — at least the ones trading in the US — are securities. I think they’re commodities, and there is no clear authority, outside of the [Commodity Futures Trading Commission]’s anti-fraud and anti-manipulation authority, for a spot market regulator.



So, that would take an act of Congress, and I think that’s going to take a little bit of time before we see some momentum on that front.



I don’t think that Gary Gensler is going to approve a spot ETF unless he’s held to by the courts or something. I think it’s going to be awhile.



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Kristin Smith

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