Lawyer, but not yours. Head of Policy @blockchainassn. Advisor @variantfund. Tweets are my own / not legal or financial advice. (📜, 📜)

Washington, DC 🇺🇸
Joined June 2009
I almost feel bad taking sats out of the hands of forced sellers. Almost.
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Jake Chervinsky retweeted
My personal rules for bitcoin (not financial advice): - don't sell - don't short - don't use leverage - dollar cost average in - buy extra on the big dips If you're new here, today might feel painful, but it'll be much worse if you panic. Make your own rules & stick to them.
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If you aren't trying to be an active trader, it's wise to be positioned so that you can go weeks or months without checking asset prices & not notice. If you're checking charts constantly & feeling emotional about weekly price action, you may want to reconsider your exposure.
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"This secret law, as a practical matter, binds market participants like law does but is immune from judicial—and even Commission—review. We have our own secret garden—a tangle of staff pronouncements hidden beyond a wall without a readily accessible entrance." -@HesterPeirce
And there it is: Kelly officially withdraws its Ether Futures ETF filing. Hey, can't hurt to try. But that's why our odds were low, Genz just doesn't want us to have nice things.
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This comes from remarks Comm'r Peirce gave called "SECret Garden," describing how the SEC avoids accountability by making decisions behind closed doors without explaining themselves to the taxpayers whom they're meant to serve. More important than ever: sec.gov/news/speech/peirce-s…
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Update: I went with Calendly & it's already made a huge difference. I can't believe I didn't do this sooner. People who regularly get to inbox zero, what else am I missing? I need to unlearn some bad lawyer habits (no, emails don't need to be proofread 5 times), but what else?
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Buy scarce assets. That's all.
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The undisputed, overwhelming winner of the US regulatory approach to crypto: the Cayman Islands. Due to lack of clarity & constant threats here, a huge & growing number of US-built projects are using a Cayman foundation structure thanks to friendly laws there. Will we fix this?
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The number of plaintiffs with standing to sue the SEC for an APA violation just increased by one.
We have another #Bitcoin ETF Denial letter from the SEC from @WisdomTreeETFs' application. This disapproval was very much expected... Next up is Kryptoin's application which will likely be denied just before Christmas.
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Jake Chervinsky retweeted
1/ Hi #crypto Twitter: my first month in your world has been a roller coaster ride. I have learned a great deal by shepherding disruptive industries through Washington, and this is the pinnacle (Mt. Everest?) of all of them.
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Jake Chervinsky retweeted
PSA for crypto: politics is interested in you ⚖️ Tune in to today's @BanklessHQ podcast to learn more from the brilliant @TomicahTD @KMSmithDC @BrianQuintenz @jerrybrito @jchervinsky and @gaudette75. Hosted by me, @TrustlessState and @notscottmoore. podcast.banklesshq.com/crypt…
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You don't need a Twitter presence to be a heavy hitter in crypto. Many of the industry's MVPs aren't active here. But shockingly, some people still look down on social media, as if you can't be "serious" if you tweet. FYI, some of the smartest people I know shitpost all day.
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Jake Chervinsky retweeted
every lawyer I know who has had settlement discussions with the SEC over DAOs, DeFi etc. has heard from enforcement their client must register and then heard from trading & markets their client is not eligible to register maybe figure this out before cracking skulls?
Replying to @PerianneDC
The fireside chat btwn Clayton and Gensler is over. Ppl in the room are looking around and asking “register as what?” Lots of questions still remain about the future regulatory path for #crypto.
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If you're following Grayscale's application to convert GBTC to an ETF, here are the SEC's deadlines: 12/23: approve, deny, or delay 2/6: approve, deny, or state grounds for disapproval & seek more public comment 5/7: approve, deny, or delay 7/6: final deadline to approve or deny
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Now that bitcoin futures ETFs are live, the SEC has no valid justification for denying @Grayscale's spot ETF application. The Administrative Procedures Act demands approval. It's time. Last night, @blockchainassn filed a letter in support of the spot ETF. Read our views here:
1/Yesterday we submitted a letter strongly urging the SEC to approve NYSE Arca’s application to convert Grayscale's BTC Trust to an ETF. sec.gov/comments/sr-nysearca…
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Jake Chervinsky retweeted
Last night our attorneys at Davis Polk sent a letter to the SEC arguing that approval of #Bitcoin futures-based ETFs, but not #Bitcoin spot-based ETFs, like $GBTC, is “arbitrary and capricious,” and therefore in violation of the Administrative Procedure Act (APA).
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I fear we've been underestimating the potential impact of MiCA on the crypto industry globally. In the US, it feels like we've buried our heads in the sand, thinking it isn't our problem & hoping it doesn't affect us. If GDPR is any example, that may be a big miscalculation.
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Jake Chervinsky retweeted
1/ Good news: Sec. Yellen says recent FATF guidance on cryptocurrency is consistent with FinCEN regulation, i.e. that it does not cover "hardware wallet manufacturers, providers of unhosted wallets, software developers, or miners" who don't take custody of funds.
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