Jake Chervinsky

Jake Chervinsky

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Lawyer, but not yours. CLO @variantfund. Board @fund_defi + @blockchainassn. Ex @compoundfinance. Posts are not legal or financial advice.

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Jake Chervinsky

Years ago, the CFTC was suing DeFi protocols. Now, @ChairmanSelig is championing what permissionless networks and onchain systems can do for the future of American finance. That vision, paired with the rules to match, is what will make America the crypto capital of the world.

Current financial systems are outdated, and blockchain networks are exactly what we need to bring it into the 21st century. Decentralized applications and systems will help America return to the era of creativity and endless possibility, and under my leadership at the @CFTC,

Jake Chervinsky

Gary Gensler's SEC tried to regulate DeFi protocols as if they were centralized securities exchanges. In this letter to Chair Atkins' SEC, @fund_defi explains how DeFi is different and why DeFi developers and technology shouldn't be misclassified as intermediaries. Read this 👇

We (@fund_defi) submitted a letter in response to the SEC’s RFI asking for thoughts on "exchanges" and crypto ATSs. TL;DR: don't misclassify DeFi technology and devs that aren't actually performing "exchange" functions. We urge the Commission to: 1️⃣ Adopt a functional test for

Jake Chervinsky

Thank you for your leadership on this issue, Senator! We're on the same page: the public draft has strong developer protections in the BRCA and Sections 207 and 601 (among others). The big problem is Title 3. It's great to know you're confident we'll get the changes we need.

Jake Chervinsky

Don't believe the FUD-- we have worked on a bipartisan basis for the last few weeks to make changes to Title 3 that make this bill the strongest protection for DeFi and developers ever enacted. We have to pass the Clarity Act to get these protections.

Jake Chervinsky

But the draft also has provisions in Title 3 that undermine the BRCA and subject all sorts of non-custodial software developers to KYC obligations anyway. Those sections must be fixed or the bill doesn't work for DeFi. If the bill doesn't work for DeFi, it doesn't work at all.

Jake Chervinsky

Stablecoin yield has dominated media coverage of the CLARITY Act. It matters, but it's not the only issue. The biggest challenge is ensuring non-custodial software developers aren't misclassified as money transmitters. That's non-negotiable for DeFi, and it's still unsettled.

Jake Chervinsky

"What we need to do is upgrade the laws and regulations in the US so that Americans, individuals and institutions, can trade on Hyperliquid." - @jchervinsky twitter.com/HyperliquidPC/stat...

Jake Chervinsky

1/ I've been quiet/taking the high rd while those pushing permissioned networks FUD permissionless networks (esp @solana) *everywhere*. I actually knew this was coming immediately after my panel @blockworksDAS & tackled it w/o naming names on stage. But I'll now be direct . . .

Digital Asset Summit 2026

"MEV — that ability for people to reorder transactions to extract value, something that happens on top of Ethereum and Solana — that's just not suitable for financial markets." @drwconvexity @DRWTrading

Jake Chervinsky

"We need to upgrade the laws and regulations in the US so that Americans — individuals and institutions — can trade on Hyperliquid." @jchervinsky @HyperliquidPC

Jake Chervinsky

Let’s HYPE pill the institutions @rajivpoc @Mclader @jchervinsky @rediamondjr

Jake Chervinsky

It’s great to see the CFTC launch an Innovation Task Force and even better to see @passalacqua_mj leading it. The CFTC has much important work ahead to ensure that the next generation of financial markets thrives in the USA. The Commission and the country are in good hands! 🙌

Michael Passalacqua

@passalacqua_mj

Excited to lead the new @CFTC Innovation Task Force. Under @ChairmanSelig, the ITF will provide clarity to builders by advancing the @CFTC’s innovation agenda across crypto, AI, & PMs. Clear rules of the road will ensure the new frontier of finance is built in the US 🇺🇸 x.com/chairmanselig/…

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