Crypto Regulations Set to Remain Permanent

The Importance of Timelines

Kristin Smith, president of the Solana Policy Institute, has a message for the crypto industry: the rules written in the next couple of years may be the rules you live with for a long time.

A 2-Timeline Approach

Smith's argument rests on two timelines: how long agency rulemaking usually takes, and the Congressional Review Act. The first timeline is how long agency rulemaking usually takes, which she put at roughly 18 to 24 months. The second timeline is the Congressional Review Act, which gives Congress only a limited window to overturn rules after agencies establish them.

Math and Momentum

Put the two together, and the math gets pointed. A rulemaking that starts now and runs 18 to 24 months would land close to the summer 2028 mark Smith flagged. Once rules clear that stage and the review window passes, unwinding them becomes much harder.

Adoption as Reinforcement

She also pointed to adoption as a kind of reinforcement. In her view, once institutions start building on an established framework, the framework gets more entrenched, because ripping it out would mean disrupting businesses already operating under it.

Industry Focus Shifts

The most immediate implication is about timing. If Smith is right, the industry's lobbying focus should shift towards getting rules finalized quickly, not towards waiting for a better bill. Smith is effectively saying that properly finished agency rules can be durable too, provided they beat the clock.

Watching the Agencies

The key things to track are whether the SEC and CFTC launch formal rulemakings soon, how the CFTC responds to proposals like the Solana Policy Institute's July letter, and whether Congress tries again on market structure. The 18 to 24 month runway leaves little room for delay if the goal is to finish before summer 2028.