US Senate advances CLARITY Act to protect crypto developers

Solana Institute CEO Kristin Smith is urging the US Senate to pass the CLARITY Act while preserving key protections for open‑source crypto developers. She notes that more than 60 crypto executives and founders, including Solana co‑founder Anatoly Yakovenko, have signed an open letter supporting the measure. The bill seeks to ensure that developers, validators and non‑custodial wallet providers that do not hold or control user assets are not classified as money transmitters or financial intermediaries.

The CLARITY Act, introduced alongside the Blockchain Regulatory Certainty Act by Senators Cynthia Lummis and Ron Wyden, cleared the Senate Banking Committee in May and has been placed on the Senate Legislative Calendar, positioning it for a possible floor vote this summer. SEC Commissioner Hester Peirce has echoed the industry’s view, describing open‑source blockchain code as protected speech. Smith said the legislation "has a real shot at passing the Senate," emphasizing its importance for maintaining US leadership in Web3 innovation.