According to Jake Chervinsky, Sen. Cory Booker has committed to protecting software developers in ongoing crypto policy discussions. Source: Jake Chervinsky on X, Dec 9, 2025. Chervinsky argues the only durable path is clarifying that “money transmission” under 18 U.S.C. § 1960 requires custody and control of user assets. Source: Jake Chervinsky on X, Dec 9, 2025; 18 U.S.C. § 1960 (U.S. Code). He states that without this custody-based definition, the current U.S. market structure bill should be a dealbreaker. Source: Jake Chervinsky on X, Dec 9, 2025. For traders, this highlights custody vs. non-custody as the core regulatory line shaping compliance exposure for DeFi front-ends, non-custodial wallets, and other software-only services. Source: Jake Chervinsky on X, Dec 9, 2025.

According to @jchervinsky, current crypto conditions include froth that requires keeping your eyes open and knowing why participation is worth it, and he states he will remain in the industry for life; source: @jchervinsky on X, Dec 8, 2025. For traders, this underscores a market phase where conviction and vigilance matter, reinforcing thesis-driven positioning and strict risk controls during exuberant periods; source: @jchervinsky on X, Dec 8, 2025.

According to @jchervinsky, he stated that after eight years working in crypto he “wouldn’t do a single day of it differently,” reflecting satisfaction with his experience and ongoing commitment to the sector. Source: @jchervinsky on X, Dec 8, 2025. For traders, this is a soft confidence signal without any explicit market guidance, price action commentary, or token mentions, so it should not be treated as a direct trading signal. Source: @jchervinsky on X, Dec 8, 2025.

According to @jchervinsky, The New York Times published a critical article on stablecoins that he characterizes as a hit piece and a bullish counter-signal for crypto sentiment, highlighting a perceived disconnect between mainstream narratives and market builders (source: Jake Chervinsky on X, Dec 7, 2025). For trading, stablecoin supply, dominance, and the Stablecoin Supply Ratio are key liquidity gauges that have historically aligned with risk-on phases in BTC and ETH, according to on-chain market studies by Glassnode (source: Glassnode research on stablecoin metrics). Stablecoins facilitate a dominant share of on-chain transaction value and exchange liquidity, making sentiment toward them directly market-relevant for price discovery and depth, according to Chainalysis 2024 reporting on crypto transaction composition (source: Chainalysis). Policy scrutiny of stablecoins remains a macro driver with potential effects on pegs, liquidity, and market structure, as noted by the U.S. Financial Stability Oversight Council in its 2023 assessment of digital asset risks and interlinkages (source: U.S. FSOC 2023 Annual Report).

According to @jchervinsky, Lindsay Fraser has joined the Blockchain Association as Chief Policy Officer and is among the best crypto policy advocates, highlighting her profile in U.S. digital assets regulation; source: X post by @jchervinsky on Dec 5, 2025. Lindsay Fraser confirmed the appointment and stated it comes at a pivotal moment as policymakers consider foundational questions for the future of digital assets; source: X post by @lindsayfraser0. The posts did not announce specific legislative timelines, regulatory proposals, or market guidance, indicating no immediate token- or exchange-specific catalysts in the disclosures; source: X posts by @jchervinsky and @lindsayfraser0. The announcement centers on U.S. crypto policy advocacy rather than price or asset-specific developments, with no mentions of BTC, ETH, or other tokens; source: X posts by @jchervinsky and @lindsayfraser0.

According to @jchervinsky, Citadel’s letter characterizing everyone in crypto as an intermediary appears designed to establish standing to sue once the SEC adopts its long-promised innovation exemption, highlighting a legal strategy that could follow the rule’s release (source: @jchervinsky). He states that traditional finance is poised to run the 2023 crypto policy playbook, implying imminent legal challenges and policy confrontation around the SEC’s innovation exemption (source: @jchervinsky). For traders, this flags near-term regulatory headline risk and timing volatility around the SEC’s innovation exemption adoption and any subsequent litigation by TradFi firms, making policy calendars and court filings critical catalysts to monitor (source: @jchervinsky).

According to @jchervinsky, the US Senate is working intensively on the crypto market structure bill, but growing complexity makes a December markup unlikely. Source: @jchervinsky, Dec 4, 2025. He states three unresolved issues are holding up the bill: stablecoin yield, conflicts of interest, and DeFi. Source: @jchervinsky, Dec 4, 2025. For trading, this indicates near-term regulatory clarity is not expected this month and that current policy debate centers on yield-bearing stablecoins, exchange conflict rules, and DeFi oversight, which define the immediate regulatory catalysts to track. Source: @jchervinsky, Dec 4, 2025.

According to @jchervinsky, prohibiting gambling has been as ineffective as alcohol prohibition, signaling persistent market demand that will create supply even under restrictions, source: @jchervinsky on X dated Dec 4, 2025. According to @jchervinsky, the key policy choice is whether these markets operate underground or openly, a framing traders can use to assess regulatory risk and liquidity persistence across crypto gambling and prediction markets, source: @jchervinsky on X dated Dec 4, 2025.

According to Jake Chervinsky, Citadel is against innovation that removes predatory, rent-seeking intermediaries from the financial system (source: Jake Chervinsky on X, Dec 3, 2025). He stated that this position is unsurprising to people in crypto, indicating the post is a sentiment signal rather than a specific policy or market update (source: Jake Chervinsky on X, Dec 3, 2025). The post was retweeted by Evgeny Gaevoy, increasing its reach among market participants (source: post content indicating RT by @EvgenyGaevoy, Dec 3, 2025). The post cites no concrete regulatory action, timeline, or asset, so there is no direct trading trigger; traders can treat it as headline sentiment and monitor DeFi-related news for follow-through (source: Jake Chervinsky on X, Dec 3, 2025).

According to @jchervinsky, stablecoins put a dollar on a blockchain and served as the gateway for TradFi by demonstrating crypto’s efficiency for finance (source: @jchervinsky). According to @jchervinsky, this sets up a multi-year race to bring finance onchain, highlighting stablecoins and tokenized dollars as core trading rails to watch for adoption and liquidity trends (source: @jchervinsky).

According to @jchervinsky, many of the highest-demand crypto products are or may be derivatives regulated by the CFTC, but most cannot comply with the Commodity Exchange Act because it was not written for DeFi or onchain finance (source: Jake Chervinsky on X, Nov 21, 2025). According to @jchervinsky, harsh penalties under current law lead most crypto derivatives products to geofence the United States (source: Jake Chervinsky on X, Nov 21, 2025). According to @jchervinsky, the CFTC can fix this by adopting new rules that allow DeFi and onchain derivatives to compete in the free market, asserting there is no legitimate policy reason to ban crypto-powered derivatives in the United States (source: Jake Chervinsky on X, Nov 21, 2025). According to @jchervinsky, these products address key CFTC risk concerns with better technology than TradFi, U.S. taxpayers show strong demand for access, and outcomes depend on policy choices by CFTC leadership, with him expressing hope that Mike Selig will take the seat soon (source: Jake Chervinsky on X, Nov 21, 2025).

According to @jchervinsky, the prediction market sector is set to become more competitive than the current Polymarket versus Kalshi dynamic as multiple new companies and products enter the space. source: @jchervinsky on X, Nov 20, 2025 He adds that recent platform success attracted builders and that new CFTC leadership will be a key catalyst to watch over the next few years. source: @jchervinsky on X, Nov 20, 2025 For trading strategy, monitor new exchange launches, product rollouts, and CFTC leadership updates as leading indicators for shifts in event-contract availability, liquidity, and pricing dynamics across prediction markets. source: @jchervinsky on X, Nov 20, 2025

According to @jchervinsky, policy-driven M&A is increasingly common among crypto companies seeking a clearer path to regulatory compliance in the new regulatory environment, with firms choosing to build compliance internally or buy it via acquisitions, which he characterizes as a current trend to watch for corporate activity and deal catalysts in the sector (source: X post by @jchervinsky on Nov 20, 2025). He states that he and @salahghazzal outline the strategy and its pros and cons in their thread, providing a build versus buy compliance framework that market participants can reference when assessing crypto M&A rationales and outcomes (source: X post by @jchervinsky on Nov 20, 2025; source: x.com/salahghazzal/status/1991545278898254238). The post highlights compliance-focused dealmaking as an active theme, offering traders a concrete lens to track consolidation driven by regulatory requirements in crypto companies and service providers (source: X post by @jchervinsky on Nov 20, 2025).

According to @jchervinsky, he has joined Solana Institute in urging agencies to act now on the crypto policy priorities outlined in the institute’s public letter. Source: @jchervinsky on X (Nov 20, 2025); @SolanaInstitute on X, status 1991491721167847616. He stated that market structure legislation would be helpful but is not required for agencies to resolve many problems under current law. Source: @jchervinsky on X (Nov 20, 2025). This places near-term attention on agency actions rather than new legislation as the pathway to address many crypto policy issues. Source: @jchervinsky on X (Nov 20, 2025).

According to @jchervinsky, Amanda Fischer drove exceptionally high engagement on X related to crypto marketing, indicating an outsized burst of attention around crypto narratives that traders may need to monitor for sentiment risk, source: @jchervinsky on X, Nov 16, 2025. Traders can track X social volume and related narrative flow as a short-term risk gauge for potential sentiment-driven moves across the crypto market, source: @jchervinsky on X, Nov 16, 2025.

According to @jchervinsky, traditional finance firms are resisting tech-neutral policy proposals that would treat crypto fairly and erode their regulatory moat, signaling opposition to leveling the playing field for digital assets; source: @jchervinsky. For traders, this indicates policy headwinds that could delay constructive US rule changes and keep compliance and access risks elevated across onshore venues; source: @jchervinsky.

According to @jchervinsky, the latest Uniswap governance proposal represents a next-generation DAO model where UNI may provide tokenholders real ownership of onchain infrastructure and cash flows while reducing the need for continuous micro-governance, source: X post by @jchervinsky dated Nov 11, 2025. According to @jchervinsky, tokenholders would retain ultimate control over digital property with powers to contract for services and delegate responsibilities, framing UNI as a capital asset tied to protocol operations, source: X post by @jchervinsky dated Nov 11, 2025. According to @jchervinsky, this aligns with the minimize governance maximize ownership framework co-authored with Jesse Walden that differentiates tokens from equity by emphasizing ownership and control over daily management, source: Variant Fund blog article Tokens versus Equity by Jesse Walden and Jake Chervinsky. According to @jchervinsky, for traders this model makes governance outcomes and any explicit cash flow rights a direct driver of UNI token valuation and risk pricing, linking protocol performance to holder returns, source: X post by @jchervinsky dated Nov 11, 2025.

According to @jchervinsky, policymakers must distinguish non-custodial DeFi front ends from centralized TradFi products and should not regulate Web3 interfaces as if they were Web2 services, signaling a live policy debate with market relevance; source: Jake Chervinsky on X, Oct 10, 2025. He directs readers to an external analysis thread featuring @RebeccaRettig1, @amandatums, and @LazPieper that argues Web3 front ends are fundamentally different from Web2, supporting the call for a distinct regulatory approach; source: link included in Jake Chervinsky’s X post on Oct 10, 2025. Crypto prices have historically reacted to major U.S. regulatory actions, underscoring the trading relevance of any policy move affecting DeFi access points; for example, crypto markets fell after the SEC sued Binance and later Coinbase in June 2023; source: Reuters, June 5, 2023 and Reuters, June 6, 2023.

According to @jchervinsky, the U.S. Senate is actively working on a crypto market structure bill, which he describes as the top legislative priority for the industry this Congress (source: Jake Chervinsky on X, Sep 17, 2025). He adds that a proposed Bitcoin (BTC) strategic reserve is a needless distraction and not a good idea (source: Jake Chervinsky on X, Sep 17, 2025). For traders, this frames the market structure bill as the primary policy track to monitor over reserve proposals when assessing regulatory catalysts for crypto markets (source: Jake Chervinsky on X, Sep 17, 2025).

According to @jchervinsky, the claim that a more heavily regulated stablecoin issuer is inherently better is flawed, and the goal should be only as much regulation as necessary. source: Jake Chervinsky (@jchervinsky) on X, Sep 12, 2025. He argues that over-compliance makes issuers slower and more costly, noting that waiting for NYDFS to approve new products is cumbersome and pointing to Paxos as an example. source: Jake Chervinsky (@jchervinsky) on X, Sep 12, 2025. For traders tracking $USDH and NYDFS-regulated stablecoins, this highlights approval latency and compliance overhead as key operational risks for issuance speed and product availability. source: Jake Chervinsky (@jchervinsky) on X, Sep 12, 2025.