Jake Chervinsky pfp

Jake Chervinsky

@jchervinsky

100 Following
737 Followers


Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
ETH is not a security. Happy Friday 😎
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
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 pfp
Jake Chervinsky
@jchervinsky
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 pfp
Jake Chervinsky
@jchervinsky
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 pfp
Jake Chervinsky
@jchervinsky
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 pfp
Jake Chervinsky
@jchervinsky
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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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
The EIGEN launch reflects a very conservative approach to regulatory compliance: the token is non-transferable and can't claimed by US users. That's understandable, but there are other points on the regulatory risk spectrum that are worth considering too: https://paragraph.xyz/@jchervinsky.eth/eigen-regulatory-lessons
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
Call me crazy, but I truly believe crypto is on the front line of the war for individual liberty in the digital age. So many rights are at stake: free speech, association, financial privacy, property ownership, and on and on. I'm grateful each day to fight alongside all of you 🙏
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
Privacy is normal. Living in a surveillance state in which the government demands to watch everything we do with our money at all times without obtaining a warrant is NOT normal. Treating software developers who build privacy-preserving technology as criminals is reprehensible.
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
Nearly always, political reality requires compromise to get anything done. If you turn your wish list into a draft bill, it likely won't have a chance in Congress. But sometimes, the compromise isn't worth the cost. In this Congress, "nothing" may be better than "anything."
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Jake Chervinsky
@jchervinsky
Bad news: despite years of industry engagement with IRS explaining why “unhosted wallets” can’t be brokers, the message somehow hasn’t landed. Good news: rules that make literally no sense at all rarely survive scrutiny in the courts. Great news: we really like filing lawsuits.
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
Me waking up early on a Saturday morning, first cup of coffee, thinking of all the fun and productive ways I could spend my weekend: “Time to fight with people on X about the moral panic over memecoins” https://x.com/jchervinsky/status/1781628901833183705?s=46
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
Huge credit to @iampaulgrewal and the @coinbase team for pioneering the strategy of a day one media blitz against the SEC upon receiving a Wells notice. This went against the conventional wisdom at the time, but now it's the playbook. If you get a Wells notice, light 'em up.
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
Stablecoin legislation should be a top priority for everyone who cares about crypto policy. But the Lummis-Gillibrand Payment Stablecoin Act draft published today is deeply flawed: it appears to ban nearly everything except a narrow band of centralized, custodial stablecoins. This would be far worse than status quo.
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
In case you hadn’t noticed, US regulators aren’t the biggest fans of crypto 👀 Until Congress passes new laws that actually make sense for this tech, we have no choice but to fight in the courts. Here, @atuminelli and I cover all things crypto litigation with @trustlessstate 👇
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
The SEC's regulation by enforcement approach to crypto seems designed to drive crypto founders out of the USA through fear and intimidation. Good thing we don't scare that easily! 🦄 Five reasons why founders shouldn't fear the SEC's threats: https://paragraph.xyz/@jchervinsky.eth/have-no-fear-of-the-secs-threats
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
More than anything, it just makes me sad that our government so deeply despises this beautiful thing that we all know can change the world for the better. It's not a surprise, but it's endlessly disappointing. Tonight, we drink a toast to DeFi. Tomorrow, we're back to work 🥂🦄
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
1990s: the kids are online 2020s: the kids are onchain Both: the adults are confused and terrified
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
I remember when Congressional hearings about crypto were major news events. Everyone tuned in to hear what Congress had to say and what laws it might pass. Now, these hearings barely register. Everyone knows it's all talking points, no action. Did you know there was one today?
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
Crucial reading for anyone who thinks staking somehow turns an asset like ETH into a security (it does not). Great work from Alluvial GC Evan Thomas 🔥 https://blockworks.co/news/staking-eth-no-security
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