Market Structure, Rulemaking, and Crypto's Regulatory Road Ahead
Key Topics
The replay is now available. Sean Farrell, Fundstrat’s Head of Digital Asset Strategy, and Tom Block, Fundstrat’s Washington Policy Strategist, sat down with Kristin Smith, Miller Whitehouse-Levine, and Colin McLaren of the Solana Policy Institute for an exclusive conversation on where crypto’s regulatory fight actually stands.
In this discussion, they covered:
• The Clarity Act endgame: where market structure legislation actually stands, the panel’s realistic odds of passage, and why the Senate calendar was the single most important factor at play
• Process over promises: what is happening behind closed doors on the Hill, and what it takes to move a bill from committee to a floor vote
• Beyond the legislation: the rulemaking already underway at the SEC and CFTC, and why the bullish tailwinds do not hinge on a single bill
• Tokenization and derivatives: the outlook for tokenized securities, perpetual futures, and the next wave of regulated crypto products
• The political map: how the midterms could reshape the regulatory landscape for crypto and markets more broadly
• The GENIUS Act at one year: what the landmark stablecoin law has delivered, and what comes next
Panel of Speakers
Sean Farrell AC
Head of Digital Asset Strategy
Sean Farrell is the Head of Digital Asset Strategy at Fundstrat, where he leads the firm’s research on crypto markets and blockchain innovation. Over the past five years, Sean has helped establish Fundstrat as a leading source of institutional digital-asset research, combining macroeconomic analysis with on-chain and liquidity-based models to guide investors through this rapidly evolving space. He is a frequent guest on Coinage and FinTech TV and other crypto-focused media outlets. Sean’s market insights and forecasts have been featured in major publications including MarketWatch, CoinDesk, Barron’s, and Yahoo Finance. Before joining Fundstrat, Sean was a manager in the Transaction Opinions group at Alvarez & Marsal, and previously worked as an associate at Anvil Advisors. Sean holds a B.S. in Finance from Lehigh University.
L. Thomas Block
Washington Policy Strategist
L. Thomas Block is the Washington Policy Strategist at Fundstrat, and also President of Tom Block Consults, a public policy consulting firm. Tom had a 21-year career at J.P. Morgan Chase, where he served as Global Head of Government Relations and created a Washington Research product. For 17 years he served as the senior lobbyist responsible for managing political relationships with the U.S. government, state and local governments, as well as the E.U. and its member states. He created the bank’s E.U. Government Relations program. Prior to joining J.P. Morgan in 1987, Tom was a vice president at Irving Trust Company, one of the nation’s 20 largest banks, where he started the Government Relations program. He has held several positions with members of the House and Senate, serving as Legislative Assistant and Chief of Staff in the House, and Legislative Staff Director in the Senate. Tom has also worked on political campaigns, both as a strategist and speechwriter. He served as a member and Vice Chairman of the Advisory Committee on International Economic Policy at the U.S. Department of State.
Kristin Smith
President of Solana Policy Institute
Kristin Smith is President of Solana Policy Institute, a non-profit organization devoted to advocating for public policies that allow networks like Solana to flourish. She serves as a liaison between policymakers and the Solana ecosystem to assist in the creation of legislation and regulation that promotes the growth of the industry in the U.S. Prior to SPI, Kristin was CEO of Blockchain Association, the Washington, D.C.-based trade association representing the crypto industry’s leading companies. Kristin has been a renowned voice for the industry, having been featured on Fortune’s 40 under 40 list, Washingtonian’s Most Influential People and Tech Titans, CoinDesk’s 50 people who defined the year in crypto, The Hill’s Top Lobbyists, and CoinTelegraph’s top 100 Influencers in Crypto and Blockchain. Prior to leading Blockchain Association, Kristin helped blockchain and technology companies achieve their public policy objectives in Washington. She served as a Senate and congressional aide on Capitol Hill for nearly 10 years, much of which was spent focusing on technology policy.
Miller Whitehouse-Levine
Founder and CEO of Solana Policy Institute (SPI)
Miller Whitehouse-Levine is the founder and CEO of Solana Policy Institute (SPI), a non-profit organization devoted to advocating for public policies that allow blockchain networks like Solana to flourish. Prior to starting SPI, Miller was the CEO of DeFi Education Fund, a nonpartisan, nonprofit research and advocacy organization promoting decentralized finance. Previously, Miller led the Blockchain Association’s policy operation, and worked at Goldstein Policy Solutions on a range of public policy-related issues, including crypto. Miller holds a B.S. in international politics and a minor in Mandarin Chinese from Georgetown's School of Foreign Service. Miller is regularly quoted as an expert on the latest in crypto policy happenings in business and crypto trade media, including Bloomberg, WSJ, Fortune, Reuters, and more.
Colin McLaren
Head of Government Relations at Solana Policy Institute (SPI)
Colin McLaren is Head of Government Relations at Solana Policy Institute (SPI). In this capacity, Colin supports policymaker, candidate, and staff education, as well as third-party engagement for the Solana ecosystem. Colin also serves as a founding board member of the American Innovation Project, a 501c3 focused on empowering policymakers to encourage American innovation leadership. Prior to SPI, Colin led the candidate and policymaker education during the 2024 election cycle on behalf of the crypto industry. Previously, Colin was at FTI Consulting, aligned with the Financial Services Public Affairs practice specializing in crypto, asset managers, and fintech clients. Colin began his career in multi-client field campaigns, focusing on litigation-dependent projects. In the political arena, he has worked with the Biden, Harris, and Bloomberg campaigns, as well as the White House, in an advance and communications capacity. Colin holds a BBA from Texas Tech University.
Conflicts of Interest
The Solana Foundation is a client of Fundstrat and receives Fundstrat's published research reports. The Solana Foundation has commissioned Fundstrat for a specific research project and has permissions to distribute. This event and reports included are intended for research and educational purposes. Full disclosures available here
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