Jake Chervinsky

@jchervinsky

112 Following

2402 Followers

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Jake Chervinsky

Millions of Americans are drowned in advertisements for sports gambling all day every day. Regulators seem fine with this, as long as there's a little note saying "gambling problem? call this number." But don't you dare think about investing in crypto 🙃

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Jake Chervinsky

There's nothing like interacting with a bank to remind you how much better DeFi is than TradFi and why we're doing this very, very hard thing in the first place. Heads down, keep going, we'll get there before we know it 🫡

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Jake Chervinsky

Reminder that the SEC, CFTC, and other regulators have their fiscal year end on September 30. It's typical in September to see a flurry of enforcement actions as they shore up their performance reports and budget requests for Congress. It could be a busy month.

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Jake Chervinsky

The SEC has fully lost the plot. The idea that a financial markets regulator established in the 1930s would have jurisdiction over digital art in the 2020s defies not only common sense but also the SEC's statutory authority. Thanks to @opensea for fighting the good fight 🫡

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Jake Chervinsky

Literally not legal advice for founders: Politics is loud but there's nothing actionable to take from it right now. Trump says he's for crypto. Harris's silence says she's against. There's doubt and hope for both. Who wins is a 50/50 toss-up. All you can do is wait and see.

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Jake Chervinsky

VP Harris in her speech on economic policy today: "I will focus on cutting needless bureaucracy and unnecessary regulatory red tape, encouraging innovative technologies while protecting consumers, and creating a stable business environment with consistent and transparent rules of the road." Sounds good. Lacks detail.

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Jake Chervinsky

Worship or despise them, you can't deny that Trump-Vance have validated crypto as a platform-level issue worthy of attention at the top of the ticket. This is why surrogates for Harris-Walz are struggling to win over any of the crypto vote. "Crypto for Harris" is a hard sell if Harris refuses to even mention crypto.

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Jake Chervinsky

After weeks of silence on crypto from VP Harris and reports of her favoring “anti-crypto army” personnel, most of the industry thinks she would continue destructive Biden admin policies. Only VP Harris—not other Democratic champions, good as they are—can rebut that presumption. She has a few built-in opportunities coming up to speak about crypto. This Friday, she is set to give a speech on economic policy. Next Thursday, she will accept her nomination at the DNC. If she would take a new approach to crypto, these are good times to say so.

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Jake Chervinsky

Great summary from Kristin on the current state of US crypto policy: - crypto is on the ballot in November - Trump hits the big talking points in Nashville - Kamala gives Dems a chance for a reset - market structure legislation is on hold - BA's lawsuit vs SEC goes forward 🔥 https://x.com/KMSmithDC/status/1818656253763018859

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Jake Chervinsky

The best way for crypto to win in politics is to build products so good that everyone wants to use them. There is no second best way.

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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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