Kristin Smith, President at Solana Policy Institute, used that point at the SALT Wyoming Blockchain Symposium to describe how regulatory uncertainty is affecting institutional participation in digital assets.
Her focus was the route toward a durable framework. Smith said digital assets have created legal questions that do not fit cleanly within existing rules, which has pushed market structure legislation higher on the policy agenda. At the same time, she supported continued SEC and CFTC rulemaking because the legislative process and formal agency procedures move on different timelines.
That matters for firms considering larger commitments to blockchain infrastructure. Capital deployment depends partly on knowing which activities regulators permit, which standards apply, and how public permissionless networks fit into established financial markets.
The structural takeaway:
✅ Legislation can establish a longer-term framework for digital asset markets
✅ Agency rulemaking can address operating questions while Congress considers broader legislation
✅ Regulatory clarity influences institutional capital allocation
✅ Public permissionless blockchains are becoming part of the policy discussion around financial infrastructure
Institutional participation will develop alongside the legal framework that defines how blockchain-based markets connect with regulated finance.
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