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Jake Chervinsky Profile picture
@jchervinsky
Mar 11, 2025 • 1 tweets • 1 min read • Read on X
The House just overturned the Biden administration's DeFi broker rule, which would have forced providers of non-custodial software to KYC users.

The vote was 292-131.
The Senate vote last week was 70-27.

94 Congressional Democrats voted yes. The anti-crypto army is defeated 🇺🇸

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More from @jchervinsky

Jake Chervinsky Profile picture
Dec 4, 2025
1/ Market structure bill, December update

The Senate is working very hard to get this done, but the closer they get, the more complex it becomes. I'm not betting on a markup this month.

Three issues are holding up the bill: stablecoin yield, conflicts of interest, and DeFi 🧵
2/ Reminder: market structure legislation may be the most important crypto policy objective period.

It would clarify which tokens are non-securities, how centralized platforms are regulated, and more.

Done right, it protects crypto from a Gensler 2.0 regime in 2029 or beyond.
3/ The House already passed its version of the bill, the CLARITY Act, in July.

In the Senate, Banking is working on one half of the bill (securities law) while Agriculture works on the other half (commodities law).

Both committees published drafts this fall. Next step, markup.
Read 13 tweets
Jake Chervinsky Profile picture
May 27, 2025
1/ Congress comes back next week and hopefully will move stablecoin legislation quickly.

The Senate has more to do on GENIUS, then STABLE has to pass the House, then the bills may need to be reconciled before POTUS signs. This is doable by end of summer.

But market structure...
2/ I'm less optimistic about market structure in 2025.

The House put out a fresh discussion draft on May 5. It's a spiritual successor to FIT21, but there's a lot of new material to vet here.

There's talk about marking it up on June 10, but I don't know, that's a tall order.
3/ A markup is a big step. It means a bill is ready to move forward to a vote.

Everyone is working tirelessly on this draft, but it would be a little surprising if it's ready in two weeks.

Few things move that fast in Congress, and this is a big bill that needs close vetting.
Read 11 tweets
Jake Chervinsky Profile picture
Mar 7, 2025
1/ The Reserve and Stockpile are likely good for US fiscal policy and market prices, but neither are enough to make the USA the crypto capital of the world.

For that, we need new policies empowering entrepreneurs to launch protocols and products made in the USA.

Here's how 🧵
2/ Being "the crypto capital" doesn't mean holding the most crypto wealth compared to other countries.

It means having the most innovation, the most jobs, the most influence, the most economic activity.

To achieve that goal, government must support businesses, not just assets.
3/ The Biden administration did this exactly wrong.

It tried to drive the industry out of the USA by making it impossible for crypto companies to do business here.

FDIC et al. tried to debank us. SEC et al. tried to regulate us to death. DOJ et al. tried to imprison our devs.
Read 11 tweets
Jake Chervinsky Profile picture
Sep 30, 2024
1/ As U.S. regulators continue their war on crypto, many founders are thinking about geofencing as a compliance strategy.

It can work, but only if it's done right.

That’s why @dbarabander and I wrote this Practical Guide to Geofencing:
variant.fund/articles/pract…
2/ Our guide explains what you (and your counsel) need to know about geofencing.

Geofencing means stopping people in a certain "geography" from accessing a product by creating a virtual “fence” around it.

We start by explaining when it's useful as a compliance strategy.
3/ Geofencing is essentially a “when all else fails” fallback option when a company can’t:

- satisfy applicable compliance obligations, like registration, disclosures, KYC, etc.; or

- design the product in such a way that no compliance obligations apply in the first place.
Read 11 tweets
Jake Chervinsky Profile picture
Aug 29, 2023
1/ Grayscale's victory over the SEC is *massive.*

It's very rare for a federal circuit court to find that an agency has violated the APA by acting arbitrarily and capriciously.

The DC Circuit just delivered a huge embarrassment for the SEC.

But the ETF isn't approved yet 🧵
2/ The DC Circuit soundly rejected the SEC's view that Grayscale's ETF proposal was not "designed to prevent fraudulent and manipulative acts and practices."

The SEC has spent a full decade denying spot bitcoin ETF proposals under this reasoning. That era has now come to an end.
3/ But the court didn't order the SEC to approve Grayscale's ETF proposal. It just said the SEC's analysis on the "fraud and manipulation" issue was wrong.

Now, the SEC has to go back and review Grayscale's proposal again, with the court's ruling in mind.

What will the SEC do?
Read 8 tweets
Jake Chervinsky Profile picture
Jun 29, 2023
1/ SEC Chair Gary Gensler has wrongly prejudged that all digital assets are securities.

As a result, federal law requires that he recuse himself from all enforcement decisions related to digital assets.

@MTCoppel and I wrote a paper explaining why 👇
theblockchainassociation.org/chair-gensler-…
2/ Every SEC enforcement action must follow the “Wells process.”

In that process, the SEC Commissioners are meant to act as neutral arbiters, impartially weighing the evidence and arguments presented by SEC staff (the prosecutors) and the enforcement target (the defendant).
3/ When it comes to digital assets, Chair Gensler is far from a neutral arbiter.

Since his appointment, he has repeatedly stated his view that all digital assets other than bitcoin are securities, end of story.

We list many of these statements in our paper.
Read 10 tweets

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