Jake Chervinsky
@jchervinsky
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Lawyer, but not yours. CLO @variantfund. Board @fund_defi + @blockchainassn. Posts are not legal or financial advice.
Washington, DC 🇺🇸
Joined June 2009
The Storm conviction is unacceptable in “the crypto capital of the world.” Here are the necessary steps to right this wrong and protect software developers:. 1) DOJ must accept the jury’s refusal to convict on money laundering and sanctions, and must not retry the case. 2) DOJ.
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The whole point of market structure legislation is to give regulatory certainty to the people building in crypto. The bill must protect developers from a return to Biden-era hostility, full stop. @fund_defi + 114 crypto companies to the Senate: no dev protections, no bill 👇.
This is what a united front looks like. If there is one thing we can all agree on, it’s protecting developers from being misclassified and forced into regulatory categories meant for traditional financial intermediaries. Very proud to stand 100+ strong in asking Congress to.
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RT @fund_defi: Today, a coalition of 100+ signatories join DEF in sending a letter to Congress. Software developer protections are a non-n….
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RT @CampbellJAustin: CASH COMPLICATIONS. When I wrote the newsletter on Tornado Cash, I knew that I would get some flak and some commentary….
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RT @katiebiber: 1/ For too long, crypto and open source developers in the US have been living under a cloud of doubt. That uncertainty ends….
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The head of DOJ's Criminal Division says there will be no Section 1960(b)(1)(C) charges against developers who lack custody and control over user assets. Roman Storm was just convicted on this exact charge under this exact circumstance. Justice for Roman means dropping the case.
Where “software is truly decentralized and solely automates peer-to-peer transactions, and where a third-party does not have custody and control over user assets, new 1960(b)(1)(C) charges against the third-party will not be approved.”.
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DOJ just took a solid step to fix the mess that it made by prosecuting software developers under Section 1960. Criminal Division head Matt Galeotti:. "Developers of neutral tools, with no criminal intent, should not be held responsible for someone else's misuse of those tools.".
The ACTING HEAD OF THE DOJ CRIMINAL DIVISION just stated the following regarding Section 1960(b)(1)(C) and third-party liability for software developers:. “We may under certain circumstances bring cases under Section 1960(b)(1)(C), which prohibits the transmission of funds that.
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The head of the DOJ's Criminal Division is speaking at a crypto conference tomorrow and taking questions from @amandatums. If you care about the Roman Storm case and the DOJ's prosecution of non-custodial software developers under Section 1960 (you should), tune in for this 👇.
Tomorrow, Acting AAG of the DOJ’s Criminal Division Matthew Galeotti will deliver official remarks at @AIPLeads’ Inaugural Summit — followed by a fireside chat Q&A with DEF’s @amandatums. A public livestream is available, so we can watch the remarks live. Details 👇.
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RT @xethalis: Brian Quintenz is the right person for the complex derivatives markets the CFTC oversees. For crypto, he is uniquely position….
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RT @CodyCarboneDC: Brian Quintenz is the leader needed to usher in clear market structure rules for digital assets at the CFTC. Proud for….
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The first thing the Senate must do when it returns to DC is confirm Brian Quintenz as CFTC chair. There is no excuse for further delay. We've lost too much valuable time already. Look how much Chair Atkins has done at the SEC — now we need the CFTC to catch up. Vote Quintenz ✅.
Today, the leading groups representing the broader digital assets industry jointly issued the following letter of support for the nomination of Mr. Brian Quintenz as Chairman of the CFTC. @crypto_council @TheDRC_ @Fund_defi @DigitalChamber @SatoshiActFund @SolanaInstitute
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The next challenge isn't just mainstream adoption of crypto, but preservation of true decentralization. Some will settle for "fintech 2.0" — walled gardens on permissioned chains that juice TradFi margins but do little to change the system. No thanks. Permissionless or bust!.
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The debate over market structure legislation will heat up soon as the Senate tries to get it done this fall. That would be great, but to be clear: we don't need it. SEC and CFTC can and will do amazing work via rulemaking no matter what happens in Congress. No bill > bad bill.
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In the next bear market, at least one overleveraged crypto treasury company will get blown up by downside volatility. Traditional media will call it an indictment of crypto as a whole. Politicians will use words like “contagion” and “systemic risk.” These will be buy signals.
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From rock crawling to city cruising, AccuAir's got you covered.
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The entire financial system is moving onchain. Congress is passing legislation, the regulators are updating the rules, the TradFi institutions are buying coins, the fintech companies are building products. It might take five years or fifteen, but this thing is happening for real.
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The banks demanded the exclusion for yield-bearing stablecoins in the GENIUS Act. Now they're upset that the language they asked for doesn't screw over stablecoin holders hard enough. Sorry you guys did a bad job negotiating your regulatory moat. Try lobbying better next time!.
🇺🇸 UPDATE: The Bank Policy Institute urged Congress to close the GENIUS Act stablecoin interest loophole to prevent deposit flight.
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RT @BanklessHQ: LIVE NOW - The Trial That Could Decide The Future of Crypto. @jchervinsky and @amandatums join us to unpack the @rstormsf v….
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RT @katiebiber: Day after day, @fund_defi and @amandatums put points on the board for broader understanding of crypto. Substance over self-….
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RT @amandatums: Today, I share a mid-year letter explaining the important work that @fund_defi has done since January. I’ve been thinking a….
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RT @AlanaDLevin: It's 2030. You're a merchant receiving payment from a customer. They pay with USDC on CircleChain but your payment termain….
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