BlockBeats news, on March 7, Kristin Smith, President of the Solana Policy Institute, recently commented on the legislative progress of the Clarity Act.
She noted that despite resistance from the bill due to Coinbase CEO Brian Armstrong withdrawing his support and banking sector controversies, its complexity ensures a prolonged legislative process. Current negotiations are marked by two new developments: first, high-level White House officials are directly involved, with presidential aides such as David Sacks pushing for dispute resolution; second, traditional financial institutions are participating in negotiations for the first time. If the Senate Banking Committee can complete its review of the bill in March or April, it may advance legislation before the July recess; otherwise, the next opportunity will not arise until autumn.
Smith previously served as head of the Blockchain Association and led efforts to pass the Genius Act. She believes that, despite opposition from figures like Elizabeth Warren, support from key Democrats such as Chuck Schumer and sustained pressure from President Trump are shifting the likelihood of the bill’s passage. After Trump urged banks to concede in a post on Truth Social on Wednesday, prediction markets have shown a clear increase in expectations for the passage of crypto legislation this year.