Patrick Wilson @pmwnyc

The BRCA aligns the criminal code with FinCEN's longstanding approach so devs who don't control user funds aren't considered money transmitters. It doesn’t let bad guys off the hook. Money laundering and sanctions laws are unchanged. Narrow, commonsense, and long overdue.

Solana Policy Institute @SolanaInstitute

22 hours ago

This industry takes care of its builders. Thank you to the 60+ CEOs and founders who sent a clear message to Senate leadership today: Pass the Clarity Act with developer protections and the BRCA intact. Developers who do not control user funds are not money transmitters. Read

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Debate continues around the Clarity Act. But the conversation should be grounded in what the bill says rather than exaggerations of what people assume is in there without having read it. The bill is designed to bring digital asset activity into a clearer regulatory framework. Clarity creates new obligations, supervisory hooks, and agency rulemakings while preserving the core authorities DOJ and federal agencies already use to pursue money laundering, sanctions evasion, fraud, and scams. The bill does not make it easier for criminals to use crypto to launder money. Framing Clarity as “deregulation” is puzzling, to say the least. The bill includes hundreds of pages of new obligations, registration requirements, disclosures, rulemakings, and compliance undertakings that do not exist today. The same is true for arguments that the bill lets banks put customer assets at risk. What the bill does is allow regulated financial institutions to responsibly innovate, including by using blockchain technology to perform functions they may otherwise already perform through other means, subject to applicable supervision and regulatory requirements. Banks are not going to be secretly converting customer deposits/assets into crypto because of this bill. On illicit finance specifically, check out Title II and Title III of Clarity. Those sections cover new obligations relating to illicit finance, protocols, and front ends. And if you’re concerned that the Blockchain Regulatory Certainty Act (BRCA) or other developer protections in Clarity create a money laundering loophole, please point us to the language that does so. The BRCA aligns the scope of money transmission with the longstanding interpretation of the federal agency that administers the Bank Secrecy Act. It does not legalize money laundering, financing of terrorism, evading sanctions, or knowingly facilitating the movement of dirty money. Clarity does not strip away the rules that apply to other types of investments. In fact, Clarity reflects a basic parity principle that a tokenized security is still a security. Tokenizing something does not magically remove it from the applicable regulations. The claim that Clarity makes it far more difficult for regulators to crack down on fraud and scams is also impossible to reconcile with the text of the bill. Take Amendment 126, for example, adopted during the Banking markup on a bipartisan basis. That makes clear that unless explicitly addressed by Clarity, existing authorities for fraud, scams, deceptive practices, and similar misconduct remain fully intact and available to regulators. If someone commits fraud, this bill does not give them a free pass. No part of Clarity authorizes taxpayer bailouts for crypto. The bill includes clarifications about issues like bankruptcy and customer property, but that is not the same thing as putting taxpayers on the hook for crypto bailouts. There are fair debates around ethics provisions. Those provisions were not included in the Banking markup because of jurisdictional issues, but many remain at the table for ongoing negotiations around ethics language in any final bill. And yes, crypto participates in politics. So do banks, unions, lawyers, energy companies, consumer groups, tech companies, and every other organized interest in America. Political advocacy does not prove that the underlying policy is wrong. It is also insulting to suggest that a lawmaker's support for crypto legislation can only be explained by ignorance or corruption. Members and staff have spent years hearing from the industry, its critics, academics, regulators, and many others. Pretending support can only come from bad faith ignores the years of education and policy work that have gone into this debate. The industry has not been hiding Clarity. We have been talking about this bill for months. Organizations like @BlockchainAssn, @crypto_council, @DigitalChamber, @fund_defi, @standwithcrypto, and so many others have been speaking publicly about the bill and urging people to contact their representatives to explain why regulatory clarity and other specific parts of the text matter. This debate has been happening in public. And it will continue.

More Perfect Union @MorePerfectUS

3 weeks ago

The Senate is nearing a vote on the Clarity Act. The bill would make it easier for criminals to use crypto to launder money, and doesn't restrict Trump and his family from making billions. The Act would also deregulate the industry, and let banks put your savings into crypto.

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Clarity Act Title III ("Responsible Innovation in Decentralized Finance") was added to the Clarity Act to address concerns related to illicit finance and digital assets. It did not exist in the September draft. It was specifically added in response to concerns raised by prosecutors/law enforcement, to provide even more tools than were already in Title II ("Protecting Against Illicit Finance"). Anyone saying this bill does not give enough tools or runway for law enforcement to go after bad actors should *actually read* read Title II or Title III.

The Senate Banking committee will markup Clarity on Thursday. The President wants the bill signed by July 4. At Solana Summit Chicago: Washington x Wall Street, @Grayscale's @CraigSalm, @gibsondunn's @jeffreylsteiner, @WilmerHale's @tjsmith414, and @jump_’s @d_gerhardsteinb will discuss agency action, the Clarity Act, and what the bill’s new obligations would mean for market participants. Moderated by @pmwnyc Join us June 16 at the Art Institute of Chicago. Register: luma.com/Solana-Summit-…

10/ Across all fronts, continued U.S. leadership in digital assets requires rules that reflect how decentralized networks actually work, support innovation, and protect users.

9/ Finally, we responded to the CFTC’s request for comment on prediction markets. Public, permissionless blockchains can advance core regulatory goals, and targeted guidance may help where legacy rules assume centralized intermediaries. More here: tinyurl.com/bhr5exaa

1/ We were hard at work last week. @SolanaInstitute made submissions on three key issues: staking tax, GENIUS implementation, and blockchain-based markets. We need rules that make sense for the technology and preserve U.S. leadership.

Thank you @thinkingcrypto for having me on for a great conversation! Looking forward to the next one.

Tony Edward (Thinking Crypto Podcast) @thinkingcrypto

2 months ago

Crypto's Comeback: SEC Dialogue & Clearer Rules! Patrick Wilson, General Counsel at the Solana Policy Institute, highlights the SEC’s shift toward crypto dialogue and rulemaking—helping fuel growth in the U.S. crypto market. Watch the full interview youtu.be/oATavnHVDYU

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SPI proudly joins @fund_defi and +30 leading crypto orgs in a letter to the @SECGov, commending a recent staff statement and requesting that those principles be cemented through a notice-and-comment rulemaking.

DeFi Education Fund @fund_defi

2 months ago

The SEC took an important step on UIs - and now we’re asking them to lock it in. On April 13, 2026, the SEC published a staff statement with a thoughtful, practical approach for distinguishing non-custodial user interfaces from activities that constitute broker-dealer activity.

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Good tax policy would make ordinary transactions feel ordinary.

Solana Policy Institute @SolanaInstitute

2 months ago

SPI’s Head of Government Relations @thecolinmclaren has a new op-ed in @TaxNotes: the GENIUS Act was a win, but stablecoin payments can't scale if Americans are still required to report a gain on fractions of a penny every time they tap their wallet.

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We’re at a critical moment for digital asset policy. SPI is proud to support a coalition effort urging the Senate to move forward on market structure legislation.  Thank you for leading @BlockchainAssn and @crypto_council

Blockchain Association @BlockchainAssn

2 months ago

1/ Today, @BlockchainAssn and @crypto_council, joined by a broad coalition of more than 120 organizations from across the digital asset ecosystem, urged the Senate Banking Committee to move forward with a markup on market structure legislation. Years of bipartisan work have

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Excited to work with @BlockchainAssn on its tokenization workstream. Tokenized markets are the future. To realize that potential, Section 505 of the CLARITY Act must preserve the flexibility of the @SECGov and @CFTC to support innovation within the U.S. regulatory framework.

Blockchain Association @BlockchainAssn

2 months ago

1/ Blockchain Association recently launched its Tokenization Workstream, and we’re proud to be joined by dozens of leading member organizations helping shape policy discussions in Washington. This level of engagement reflects the growing momentum behind tokenization in the U.S.

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