Solana Institute CEO Pushes for Developer Protections in CLARITY Act

The Solana Institute's CEO, Kristin Smith, has spoken out about the importance of preserving developer protections in the CLARITY Act, a market structure bill currently before the US Senate. The legislation, which cleared the Senate Banking Committee in May, aims to regulate the cryptocurrency market and provide clarity for investors and businesses.

Smith argued that open-source developers and blockchain infrastructure providers should not be treated as financial intermediaries, simply because they publish software code or provide services related to cryptocurrencies. Instead, she pointed to the Blockchain Regulatory Certainty Act (BRCA), which would provide legal certainty for non-controlling software developers and blockchain infrastructure providers.

The Solana Institute's CEO emphasized that open-source developers do not control user funds or execute transactions, and therefore should not be subject to strict regulations similar to those imposed on financial institutions. She noted that over 60 crypto CEOs and founders have signed an open letter in support of developer protections.