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Jake Chervinsky Profile picture
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18 Nov, 5 tweets, 3 min read
I really can't wait to explain @ConstitutionDAO to folks here in DC.

This is Web3 at its best: thousands of passionate people coming together to fund the preservation of a historic document & make it available to the American public after decades in private hands. Truly amazing.
The Constitution isn't just a set of laws or a historic artifact. It's a symbol of the freedom & opportunity at the heart of our democratic experiment.

Before Web3, who would've imagined that anyone, regardless of background, could participate in the American dream in this way?
I admit I've been a little emotional about it the past few days. Many of the notes from people who've joined are deeply moving.

I feel this on a personal level too, as a grandchild of immigrants who came to America fleeing persecution across the sea. 🇺🇸
So if anyone mistakes @ConstitutionDAO for a bunch of shadowy super-somethings, make sure they see what we're up to here:

Empowering the people—ALL of the people—to express themselves & embody the American spirit in a way we couldn't have imagined before.
Lastly, my thanks to the core @ConstitutionDAO team, who've done amazing & tireless work to make this happen.

The auction is tonight at 6:30 pm ET. If you want to play your part in this living history, you still have time to join the DAO.

Let's go buy the Constitution!! #wagbtc

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More from @jchervinsky

Jake Chervinsky Profile picture
18 Nov
1/ 🚨 A full update on the infrastructure bill:

President Biden signed the bill into law on Monday. The crypto tax provisions are officially set to take effect on January 1, 2024 (for FY2023 reporting).

Several members of Congress have already proposed new bills to fix this 👇
2/ As a reminder, the infrastructure bill imposed tax reporting requirements on an unknown but possibly massive number of actors in crypto, even where compliance is impossible.

This could include miners, validators, software developers, wallet providers, NFT creators, & more.
3/ The bill has three main flaws:

- the broker definition, which could force nearly everyone in crypto to do tax reporting
- the digital asset definition, which could apply to anything on a blockchain
- the cash transaction report expansion, which is the infamous 6050I provision
Read 21 tweets
Jake Chervinsky Profile picture
9 Nov
1/ I'm excited to announce my new role as Head of Policy for @BlockchainAssn, the crypto industry's premier trade group in DC.

My sole focus will be crafting & advancing good crypto policy in the USA & abroad. This is our main challenge now. I'm all in.

Why BA & what's next 👇
2/ Crypto took the world by storm in 2021.

Bitcoin is legal tender. DeFi is a nine-figure sector. NFTs are on every magazine cover. Web3 has tech giants struggling to keep up.

At this point, it's impossible to deny crypto's geopolitical, macroeconomic, & cultural significance.
3/ As always, success brings attention, & lately the crypto industry has gotten more than its fair share of attention from regulators & policymakers.

In general, that's good & healthy: it shows government recognition that crypto is here to stay & must be taken seriously.

But...
Read 11 tweets
Jake Chervinsky Profile picture
4 Nov
Here's the truth: we've dodged most of the regulatory fire so far, but things will likely get worse before they get better.

To the extent I seem overly optimistic, that's a strategic choice. It's the best way to be effective, & when I *do* need to sound the alarm, you'll listen.
But when I say "we will prevail," as I often do in the course of explaining some enforcement action or proposed legislation or whatever, I mean it.

It won't be easy, there'll be hard days, & I don't know exactly what path we'll take to get through. But we will.

It's inevitable.
One of our huge advantages is our ability to coordinate online. We're digitally native: this makes us fast, broad, & effective in a way few other movements have been.

It's the same reason Bitcoin took off in the first place; the same reason everything we're doing has momentum.
Read 7 tweets
Jake Chervinsky Profile picture
4 Nov
1/ The infrastructure bill is heading for a vote in the House.

Yes, the crypto provisions are just as bad as they were months ago. Yes, the impact of Section 6050I has been underexplored.

No, you don't need to call your reps. The political reality is: it's out of our hands now.
2/ Importantly, nothing will happen right away.

The crypto provisions don't go into effect until 2024 (for FY2023 reporting). We can try to get them repealed or amended before then.

They also need rulemaking from Treasury to define their scope. We'll be active in that process.
3/ I'm as disappointed as anyone, but strategically, it's crucial we understand when to fight & when to keep our powder dry.

We made a big impact in DC during the Senate vote. That was our shot & we made it count. The broader politics have taken over now:
Read 6 tweets
Jake Chervinsky Profile picture
1 Nov
We'll have plenty of time to pick apart the new stablecoin report.

For now, the highlight in my mind is the recommendation that "Congress act promptly to enact legislation...."

Prompt action from this Congress on *anything* is unlikely, let alone on something like stablecoins.
In the meantime, the report seems to acknowledge that federal agencies lack the authority necessary to implement its many & varied recommendations.

The report tells FSOC to "consider steps available to it" -- "in the absence of Congressional action, which is urgently needed...."
Long story short, it sounds like nothing big will (or can) happen any time soon.

That's a good thing in my view, since the report clearly gets a lot of stuff wrong. It will (& should) take time to sort through what makes sense & what doesn't.

We'll get there. For now, carry on.
Read 4 tweets
Jake Chervinsky Profile picture
30 Oct
If you think the metaverse comes packaged in a set of VR goggles or branded with a Web2 corporate logo, you don't understand the metaverse.
I suspect the reason most people don't understand the metaverse, including all the trad tech journos who've spilled tons of ink on it this week, is because they haven't experienced it yet.

"Unfortunately no one can be told what the metaverse is. You have to see it for yourself."
Ready Player One was a useful analogy for the metaverse before it got off the ground, but does more harm than good now.

It makes people think the metaverse is just people sitting at home with VR headsets on, talking to their parents as a living room hologram. 🙄

VR != metaverse
Read 4 tweets

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