Solana Institute CEO Pushes for Developer Protections in CLARITY Act

Solana Institute CEO Kristin Smith is advocating for the passage of the CLARITY Act, which she believes will protect open-source developers from being regulated as financial intermediaries. The bill, currently on the Senate Legislative Calendar, has cleared the Senate Banking Committee and could be voted on later this summer.

Smith argues that open-source developers, validators, and non-custodial wallet providers should not be treated as brokers or custodians because they do not control user funds or execute transactions. She points to the Blockchain Regulatory Certainty Act (BRCA), which aims to provide legal certainty for non-controlling software developers and blockchain infrastructure providers.

Smith's comments echo those of US Securities and Exchange Commission Commissioner Hester Peirce, who recently stated that publishing open-source blockchain code is protected speech and that developers should not be treated as financial intermediaries simply because others use their software. Over 60 crypto CEOs and founders have signed an open letter urging the Senate to maintain robust developer protections in the CLARITY Act.