{"id":74180,"date":"2023-02-16T11:59:13","date_gmt":"2023-02-16T09:59:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=74180"},"modified":"2025-09-09T18:36:08","modified_gmt":"2025-09-09T15:36:08","slug":"jake-chervinsky-regulatory-surge-does-not-spell-the-end-of-the-us-crypto-industry","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/jake-chervinsky-regulatory-surge-does-not-spell-the-end-of-the-us-crypto-industry\/","title":{"rendered":"Jake Chervinsky: regulatory surge does not spell the end of the US crypto industry"},"content":{"rendered":"<p>The sequence of hostile moves by US regulators toward the crypto industry was predictable after 2022, but this can be fought, said Jake Chervinsky, policy director at the Blockchain Association.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">1\/ After a streak of hostile moves by US regulators, with rumors of more to come, fears of a crypto crackdown have never been higher.<\/p>\n<p>It may be tough, but we can chart a path through it.<\/p>\n<p>Let\u2019s discuss the state of crypto policy: what\u2019s happening, why, and what we do next \ud83e\uddf5<\/p>\n<p>\u2014 Jake Chervinsky (@jchervinsky) <a href=\"https:\/\/twitter.com\/jchervinsky\/status\/1625568626462887945?ref_src=twsrc%5Etfw\">February 14, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the expert, the string of negative events, crowned by <a href=\"https:\/\/u1f987.com\/en\/news\/how-the-collapse-of-ftx-and-alameda-research-will-affect-the-crypto-industry\">collapse of FTX<\/a>, dealt a heavy blow to the industry&#8217;s reputation. Chervinsky reminded that for many politicians in Washington the founder and head of the exchange was &#8220;the face&#8221; of the industry. <a href=\"https:\/\/u1f987.com\/en\/news\/us-court-unveils-charges-against-sam-bankman-fried\">Alleged fraud<\/a> by Sam Bankman-Fried largely changed lawmakers&#8217; attitude toward cryptocurrencies.<\/p>\n<p>According to Chervinsky, influential federal bodies such as the Financial Stability Oversight Council and the President&#8217;s Working Group have spoken in favour of uniform rules for the industry by Congress. Much of this did not happen because of ideological differences between the Republican-controlled House and the Democratic majority in the Senate, the lawyer believes.<\/p>\n<p>He argues that in this situation banking and market regulators have taken on a more active role. Chervinsky particularly highlighted <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>, which he regards as the main adversary of the crypto sector among US agencies.<\/p>\n<p>The expert believes that the Commission will continue its policy <a href=\"https:\/\/u1f987.com\/en\/news\/in-2022-the-sec-increased-its-crypto-enforcement-caseload-by-50\">hardline measures<\/a> toward industry participants. The recent Kraken case, which settled the SEC&#8217;s claims against its staking service through <a href=\"https:\/\/u1f987.com\/en\/news\/kraken-to-pay-30-million-to-settle-sec-charges\">a payout of $30 million<\/a>, will not be the last, Chervinsky says.<\/p>\n<p>He noted that the community has an opportunity to counter the regulator&#8217;s strategy. To this end, the following measures are needed:<\/p>\n<ul class=\"wp-block-list\">\n<li>launch public discussions that agencies will be compelled to listen to;<\/li>\n<li>bring lawsuits against agencies when they overstep their powers or violate constitutional norms;<\/li>\n<li>facilitate education of members of Congress so that most lawmakers have an accurate understanding of cryptocurrencies;<\/li>\n<li>assist Congress with legislative proposals;<\/li>\n<li>seek allies in the judiciary, because with digital assets the protection of civil liberties is at stake.<\/li>\n<\/ul>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The road ahead is difficult, but I have never been more optimistic about the future prosperity of the crypto industry in the United States,&#8221; concluded Chervinsky.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">21\/ The path forward is challenging, but I\u001f\u001b\u001f<br \/>\n m as optimistic as ever that crypto will flourish in the USA.<\/p>\n<p>If you\u2019re a US crypto company looking to help, reach out to us at <a href=\"https:\/\/twitter.com\/BlockchainAssn?ref_src=twsrc%5Etfw\">@BlockchainAssn<\/a>.<\/p>\n<p>If you\u2019re anyone who cares, consider donating to <a href=\"https:\/\/twitter.com\/fund_defi?ref_src=twsrc%5Etfw\">@fund_defi<\/a> and <a href=\"https:\/\/twitter.com\/coincenter?ref_src=twsrc%5Etfw\">@coincenter<\/a>.<\/p>\n<p>\u270c\ufe0f<\/p>\n<p>[end]<\/p>\n<p>\u2014 Jake Chervinsky (@jchervinsky) <a href=\"https:\/\/twitter.com\/jchervinsky\/status\/1625568657777561623?ref_src=twsrc%5Etfw\">February 14, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In January, the Biden administration <a href=\"https:\/\/u1f987.com\/en\/news\/white-house-calls-on-congress-to-intensify-efforts-to-regulate-cryptocurrencies\">urged Congress<\/a> to ramp up oversight of the digital-asset market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A string of hostile moves by US regulators toward the crypto industry was predictable after 2022, but this can be fought, said Jake Chervinsky, policy director at the Blockchain Association.<\/p>\n","protected":false},"author":1,"featured_media":74181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1138,36,26],"class_list":["post-74180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-opinions","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/74180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=74180"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/74180\/revisions"}],"predecessor-version":[{"id":74182,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/74180\/revisions\/74182"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/74181"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=74180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=74180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=74180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}