Jake Chervinsky

@jchervinsky

108 Following

1505 Followers

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Jake Chervinsky

"Crypto is nonpartisan." This statement used to be uncontroversial, but as election season heats up and crypto becomes a live issue on the campaign trail, many are starting to wonder if crypto has—or even should—take the side of Republicans (Rs) against the Democrats (Ds). We should not. Here's why. https://paragraph.xyz/@jchervinsky.eth/keep-crypto-nonpartisan

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Jake Chervinsky

The Majority Whip is right. The launch of spot ETH ETFs is worth celebrating, but we didn't get here by changing hearts and minds at the SEC. This victory is downstream of Grayscale beating them in court. Today's lesson: don't be afraid to sue the government. https://x.com/GOPMajorityWhip/status/1815752761641709591

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Jake Chervinsky

As of yesterday, the Trump/Vance ticket had the crypto vote locked up. As of today, with President Biden's decision to step aside, the Democrats have a fresh chance to leave the anti-crypto army behind and win back a significant share of the crypto vote. It all comes down to the new nominee. Here are some thoughts on why and how that person (cough, Kamala) can and should turn it around: https://paragraph.xyz/@jchervinsky.eth/biden-gives-democrats-a-chance-for-a-crypto-reset

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Jake Chervinsky

Take one look at the federal government or the major political parties and tell me again how bad at governance DAOs are 🙃

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Jake Chervinsky

Lawyers who code are rare, but absolutely crucial to effectively navigate crypto regulation. I'm lucky to work with @dbarabander at Variant, whose technical ability is surpassed only by his extraordinary legal skills 🔥 See for yourself in his new blog, which launches today with an analysis of SEC v. Consensys:

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Jake Chervinsky

There's no good reason why the SEC should prevent ETH ETFs from staking. Staked ETH isn't a security, and investors can fully understand the risk of a staked product + decide for themselves if they want to take that risk. It'll take a while, but this is "when," not "if," imo.

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Jake Chervinsky

We've been fighting so long, it's hard to imagine crypto under a healthy SEC that writes tailored rules to properly regulate the industry while focusing enforcement on the actual bad guys. The unlock for founders—and the USA—would be huge. Guess what? We're winning the fight.

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Jake Chervinsky

If someone other than Joe Biden wins the presidency (whoever that might be), US crypto policy could look wildly different in 2025. As a result, many crypto companies are delaying their products, tokens, etc. until after the election. This summer may be even quieter than usual.

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Jake Chervinsky

A major victory against administrative overreach in SEC v. Jarkesy today 💥 SCOTUS holds that the SEC violated the Seventh Amendment right to a jury trial by using in-house hearings to seek civil penalties. I expect this is the first of many blows that SCOTUS will deliver to the SEC in coming years 📈

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Jake Chervinsky

Let me put my view plainly: No market structure legislation until 2025 at earliest. Anything politically viable this year will require a policy compromise that the industry should not accept right now, given our rising influence and the coming election. Let's keep fighting.

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Jake Chervinsky

MiCA’s stablecoin regulations take effect across the EU on June 30. The EU figured out how to regulate this market before the US did. Now it looks like stablecoin issuers and providers are setting up in Europe and molding themselves by EU standards. A big missed opportunity 🇺🇸

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Jake Chervinsky

The Fifth Circuit just vacated the SEC's private funds rule, holding that the SEC exceeded its statutory authority. The administrative state is out of control, and the federal courts are reining it in. Love to see it 🔥 https://storage.courtlistener.com/recap/gov.uscourts.ca5.215539/gov.uscourts.ca5.215539.123.1.pdf

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Jake Chervinsky

The SAB 121 spin from defenders of Democratic Party crypto policy: - Biden promised a veto so was obligated to follow through, but is still pivoting on other issues, like SEC policy; and - Biden doesn’t speak for the party, which has a large and growing number of supporters. The response from crypto voters: 🖕

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Jake Chervinsky

Democrats are hoping for a pro-crypto pivot so they don’t feel like they’re voting against their livelihood. Republicans are hoping campaign promises hold true despite a record that inspires little confidence. Operators are building products people want to use. Be an operator.

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Jake Chervinsky

ETH is not a security. Happy Friday 😎

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Jake Chervinsky

FIT21 passes the House 279 - 136 🎉 House Democrats voting in favor of this bill: 71. That is a *huge* number of elected Democrats voting "no confidence" in the current SEC, and sending a message to the Biden administration that "anti-crypto" is a losing platform this year.

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Jake Chervinsky

Today's vote on the FIT21 market structure bill is a huge political moment for crypto. The SEC is lobbying Congress to vote no. Every "yes" vote sends a strong message to the White House that this anti-crypto insanity must end. Call your rep this morning and say "vote yes": https://www.standwithcrypto.org/action/call

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Jake Chervinsky

To the surprise of basically everyone in crypto policy, the SEC seems set to approve the spot ETH ETF. Major win for industry to have SEC reaffirm ETH's non-security status as of May 2024. https://www.theblock.co/post/295771/secs-lack-of-internal-coordination-suggests-ethereum-etf-pivot-entirely-political-source-says

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Jake Chervinsky

The SEC just sent a Wells notice to Robinhood. The number they've sent about crypto in recent months is astonishing. It's hard to imagine that they would (or could) bring so many enforcement actions at once. It seems like they're abusing the Wells process as a scare tactic now.

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Jake Chervinsky

Actions have consequences. Former government lawyers can be great outside counsel, especially if they used their public service well and engaged in good faith with industry. Those who spent their time on an unjust mission to destroy us — slam the revolving door in their face.

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