Jake Chervinsky

1/ For years, a hostile SEC forced crypto founders into a broken model: drive all value into equity, not tokens. The result? Incentive misalignment, ineffective governance, and more legal risk. In this post, @jessewldn and I explain why that model failed and how to fix it.

Huge credit to @davidzmorris for covering the Roman Storm trial live in NYC. This case is extremely important for everyone who cares about DeFi, and more than that, about justice and freedom. We're lucky to have David on the ground keeping us all informed 🙏

Went deep with @jchervinsky on @CryptoAmerica_; discussed the evolving regulatory story, implications/opportunities for crypto founders in the US, unpacking tokens vs. equity, progressive decentralization in 2025, what's next for DeFi, etc 👇

🚨NEW: In our latest episode, we chat with @variantfund Founder and Managing Partner @jessewldn and Chief Legal Officer @jchervinsky. In keeping with the theme of Crypto Week, we discuss how crypto regulations have evolved over the past few years and explore the opportunities…

Treasury companies taking on debt to get leverage on crypto better be prepared for downside volatility. The last thing crypto needs is a bunch of bad risk managers blowing up and getting liquidated in the traditional equity markets. Can we please skip that part of the cycle?

An update from Roman Storm's trial. DOJ had years to prepare for this, and so far their case is basically "crypto is bad!" Their first witness had literally nothing to do with Roman or Tornado Cash. DOJ is trying to imprison a DeFi developer and this is the best they can do?

Senate Banking released a discussion draft of its market structure bill yesterday. It's only 35 pages and lacking in nearly all details. It seems more like a provocation to discuss big issues like "maturity test" vs "ancillary assets" rather than a full draft. Long road ahead.

DeFi regulation is a sticking point in the market structure bill debate. CLARITY passed the House with good but not great protections for DeFi developers. We need to fight for more in the Senate. This is no time to compromise just to “get a bill done.” Protect DeFi or no deal.

The GENIUS Act isn't directly about DeFi — it regulates centralized stablecoins with full reserves offchain. But it is very good for DeFi — the more dollars and people there are onchain, the more need there will be for onchain finance of all kinds. Payments are just a gateway.

Ladies and gentlemen, GENIUS Act is signed into law. 👏 Congratulations to all those who worked hard behind the scenes to make this happen.

The GENIUS Act is great for the entire crypto space. A lot of TradFi has avoided crypto for fear of regulatory risk. Now they can use stablecoins in clear compliance with U.S. law. More dollars and people coming onchain — a huge benefit and opportunity for all of crypto.

The CLARITY Act passes the House 294 - 134. 78 Democrats voted yes: a huge number, more than FIT21 got and more than most people (including me) expected today. Now CLARITY goes to the Senate where it faces an even bigger challenge. Market structure legislation to be continued.

The GENIUS Act passes the House by a huge margin, 307 - 122. The President will sign it into law tomorrow. We have stablecoin regulation in the USA 🇺🇸 A moment for celebration: the first major crypto bill done in Congress and an opening of the floodgates for value onchain 🎉

A few moments ago on the House Floor, @RepFrenchHill acknowledged that "decentralized finance or DeFi developers do not take custody of user assets, nor do they control user assets. Therefore, we should not treat them in the same way we treat centralized actors who do have…

The short version of crypto week as of Thursday AM for those trying to follow the chaos in Congress: The House is trying to pass three bills this week — GENIUS (stablecoins), CLARITY (market structure), and Anti-CBDC (self-explanatory). GENIUS already passed the Senate, so if it…

Funny, in 2022 CME was saying (in Congressional hearings, op-eds, etc) that they were against 24/7 trading because they didn't want "farmers getting liquidated over the weekends." What changed? Is it possible that was just a ploy to fend off competition from crypto....? 🧐

The CLARITY Act represents meaningful progress towards greater regulatory clarity for the digital asset industry and critical protections for DeFi developers, users, and technology in the US. In a new DEF Blog, we outline what CLARITY means for DeFi.

1/ United for CLARITY: The 3 leading U.S. digital asset trade groups — @BlockchainAssn, @crypto_council, and @DigitalChamber — are calling on Congress to pass the bipartisan CLARITY Act. It’s time for regulatory certainty.