Jake Chervinsky pfp

Jake Chervinsky

@jchervinsky

103 Following
758 Followers


Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
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 pfp
Jake Chervinsky
@jchervinsky
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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Marisa pfp
Marisa
@mtcoppel
Loved writing this with @atuminelli
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
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 pfp
Jake Chervinsky
@jchervinsky
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 pfp
Jake Chervinsky
@jchervinsky
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 pfp
Jake Chervinsky
@jchervinsky
ETH is not a security. Happy Friday 😎
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
We’re on the same page: https://x.com/jchervinsky/status/1791412091376566381?s=46
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
She’s influential but not in leadership anymore. That’s Hakeem Jeffries now. The ranking members (top Democrats) of the two committees that originated the bill (Waters and Scott) opposed it aggressively. Jeffries also voted no. They didn’t whip votes against it though, which is an important bit of progress.
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
DOA. https://x.com/AlexanderGrieve/status/1793302419943899585
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
Democratic leadership said the bill "deregulates crypto" by taking away the SEC's existing authority, that it has loopholes, and that it doesn't have enough investor protection. They also dislike crypto and don't want to validate it or pass laws to help it grow. Very odd to see Dems vote against regulation, though.
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
You may notice no one is really getting into the substance of FIT21 because it's very unlikely to become law. Conventional wisdom is that it's DOA in the Senate, so the value is the signal. But don't underestimate that value. If the signal is strong enough, it could mean a change in policy (or leadership) at the SEC.
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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
If the SEC brings as many enforcement actions as it has sent Wells notices, it will be in flagrant violation of both the law and its Congressional mandate. If not, it's clearly abusing the Wells process to get free discovery and terrorize upstanding US companies. Which is it?
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Jake Chervinsky pfp
Jake Chervinsky
@jchervinsky
The SEC allocates a grossly disproportionate amount of its resources to crypto, given that its actual purpose is to regulate equity and debt markets. Every minute and taxpayer dollar spent on crypto is one not spent on the real mission that Congress created the SEC to pursue.
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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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