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The US vs. Crypto: Jake Chervinsky on Crypto's Legal and Regulatory Status
Despite legal battles over Coinbase, Uniswap, Ethereum, and others, Jake Chervinsky from Variant Fund believes that crypto still has a future in the United States.
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ABOUT
Listen to the episode on Apple Podcasts, Spotify,Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Jake Chervinsky, chief legal officer of Variant, discusses the current state of crypto regulation, touching on several ongoing legal and regulatory issues in the crypto space, including Uniswap’s Wells notice, the Coinbase case, the Tornado Cash case, the Ethereum Foundation investigation and more. Chervinsky argues that the government's approach to these cases is often misguided, particularly in instances where they hold software developers liable for how third parties use their software. He also discusses the potential implications of the government's case against Tornado Cash, suggesting that it could have far-reaching consequences for all open-source software developers.
Chervinsky also delves into the SEC's ongoing investigations into the Ethereum Foundation, as well as the recent IRS draft form that lists unhosted wallets as a type of broker. He expressed concern about the potential impact of these investigations on the crypto industry but remained optimistic about the future of DeFi in the US.
Show highlights:
- How the Tornado Cash case could set a critical precedent for open-source software
- How the government’s Tornado indictment reveals a fear of unsurveyed financial systems, according to Jake
- What the implications of the Tornado Cash case could be for the broader DeFi space
- What lessons can be learned from the $62 million hack of Munchables on Blast
- How to address the challenge of malicious actors like North Korea using a permissionless system
- Whether Coinbase's staking services are considered a securities offering
- Whether Judge Failla’s ruling on Coinbase acting as a broker could be overturned
- Why Jake thinks the SEC will face significant challenges in its potential case against Uniswap Labs
- How the Debt Box case order impacts the SEC’s reputation, according to Jake
- How the industry is pushing back against the SEC’s regulation by enforcement with its own lawsuits for Lejilex and Beba
- The future of DeFi in the U.S. and its potential for success, according to Jake
- Why Jake believes the SEC will deny Ether ETFs and why he disagrees with the latest stablecoin regulation bill by Lummis and Gillibrand
- How the U.S. Presidential election could impact the future of the crypto industry
Thank you to our sponsors! Polkadot
Guest:
Jake Chervinsky, Chief Legal Officer at Variant
Previous appearances on Unchained:
Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility
All Things Crypto Regulation With Jake Chervinsky
Everything You Need to Know About the Looming Battle Over Privacy in Crypto
Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky
Links
Tornado Cash
Jake’s amicus brief with Amanda Tuminelli
Unchained: Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
Munchables exploit
Unchained: Blast-Based NFT Game Munchables Recovers $62.5 Million Lost in Exploit
SEC cases:
Coinbase
Unchained:
Why the SEC’s Case Against Coinbase Is So Significant for Crypto
Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It
Uniswap
Unchained:
Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
SEC Puts DeFi in Its Sights With Potential Uniswap Suit
Uniswap Blog Post on the Wells notice
Marvin Ammori Thread on Wells notice
Ethereum Foundation
Unchained:
SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report
The Real Reason Why the SEC Might Be Going After Ethereum
Debt Box
Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit
Beba
DeFi Education Fund and Bebasue SEC over airdrop policies
Lejilex
Lawsuit document
Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz.
HOSTS
Laura Shin is a crypto journalist, host of the Unchained podcast, and author of “The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze” (Public Affairs, 2022). Formerly a senior editor at Forbes, she was the first mainstream journalist to cover crypto full-time, and her podcasts and videos have had more than 15 million downloads and views. Shin has spoken about cryptocurrency at places such as TEDx San Francisco, the International Monetary Fund, Singularity University and the Oslo Freedom Forum.
She graduated Phi Beta Kappa with Honors from Stanford University and has a master of arts from Columbia University’s School of Journalism. She lives in New York City.

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