Jake Chervinsky, general counsel at Compound, goes over a plethora of crypto regulatory issues, such as those related to securities law such as the SEC vs. Kik case, Ripple, stablecoins, no-action letters, Blockstack and more. We also discuss whether there should be one regulator for crypto matters in the US, whether it makes sense to create a new category for digital assets instead of applying laws for securities, commodities, etc., to digital tokens, and why he thinks Libra will likely not launch in its proposed form. He also gives his odds on a Bitcoin ETF being approved soon, talks about the tension between privacy and financial regulation and reveals what he thinks is the biggest regulatory issue in DeFi that no one's talking about.
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Episode links:
Jake Chervinsky: https://twitter.com/jchervinsky
Compound: https://compound.finance/
Unchained interview with Compound CEO Robert Leshner: https://unchainedpodcast.com/how-youll-earn-interest-on-your-crypto-with-compound-ep-82/
Unchained with Ted Livingston of Kik about its intention to fight the SEC in court: https://unchainedpodcast.com/kin-sets-up-5-million-defendcrypto-org-to-take-on-the-sec/
Kik's Wells response: https://www.kin.org/wells_response.pdf
SEC no-action letter to Quarters: https://www.coindesk.com/sec-clears-blockchain-gaming-startup-to-sell-quarters-tokens
SEC Commissioner Hester Peirce on the first no-action letter for a token: https://www.sec.gov/news/speech/peirce-how-we-howey-050919
Unconfirmed episode on Blockstack’s Reg A+ filing: https://unchainedpodcast.com/blockstacks-reg-a-filing-and-the-future-of-token-offerings%e2%80%8b/
Decrypt article on issues with issuing a token under Reg A+: https://decrypt.co/7839/blockstack-token-offering-historic-but-dance-with-sec-far-from-over
How much Ripple has sold recently: https://twitter.com/lawmaster/status/1154276254775947264?s=20
Jake’s tweet storm on the Libra hearings in Congress: https://twitter.com/jchervinsky/status/1151875713903005697?s=20
Jeremy Allaire’s testimony to Congress: https://www.banking.senate.gov/imo/media/doc/Allaire%20Testimony%207-30-19.pdf
Unchained interview with Jeremy Allaire on regulations: https://unchainedpodcast.com/jeremy-allaire-on-why-the-us-government-needs-a-new-category-for-digital-assets/
Push for new crypto regulations: https://www.wsj.com/articles/lawmakers-push-for-new-bitcoin-rules-11562405401
Tax issues: https://fortune.com/2019/07/29/here-comes-the-irs-the-ledger/
Bitcoin ETF: https://twitter.com/jchervinsky/status/1111734963798458369?s=20
Jake’s tweet storm on Bakkt: https://twitter.com/jchervinsky/status/1059828623471972354?fbclid=IwAR259I8Q2NSNmQ_PEb6l__XatWhmqj9U8gocHRoeb-JXizviI9T62rMuQC8
The latest on Bakkt: https://www.coindesk.com/bakkt-is-supposed-to-start-testing-its-bitcoin-futures-contracts-today
Sanctions coming to crypto: https://www.coindesk.com/get-ready-for-crypto-sanctions-enforcement
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