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Jake Chervinsky

@jchervinsky

25 Nov 21

It's another holiday season in a crypto bull market.

You know what that means: questions from family members who are curious about crypto, or skeptical, or downright hostile.

Are you expecting questions like these? Here are 10 tips I've learned for answering them effectively 🧵

1: Skip the hard sell.

Nothing turns people off faster than an aggressive pitch, especially when they're trying to relax over the holidays.

If your family wants to talk about crypto, great. If not, great. Don't force it. You'll only make them more closed-minded if you're pushy.

2: Avoid financial advice.

You should always be careful about telling family what to do with money, & that goes twice for crypto.

Even with "blue chip" assets, the volatility alone can be too much for some people. Being blamed for family losing money is a worst case scenario.

Read 12 tweets

Jake Chervinsky

@jchervinsky

18 Nov 21

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

@jchervinsky

18 Nov 21

@ConstitutionDAO

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?

https://twitter.com/brianjcho/status/1460355923356962818?s=20

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. 🇺🇸

https://twitter.com/brianjcho/status/1460355923356962818?s=20

Read 5 tweets

Jake Chervinsky

@jchervinsky

9 Nov 21

@BlockchainAssn

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

@jchervinsky

4 Nov 21

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

@jchervinsky

4 Nov 21

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:

https://twitter.com/jchervinsky/status/1425150034920738822?t=wFXm7G4onJ7dmR8vYelzlA&s=19

Read 6 tweets

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