Jake Chervinsky@jchervinskyA stunning victory for crypto in the Fifth Circuit 🔥 The court held that immutable smart contract protocols are not "property" subject to sanctions "because they are not capable of being owned" and struck down OFAC's 2022 designation of Tornado Cash. Decentralization wins 🎆Opens with an observation
Jake Chervinsky@jchervinskyEveryone hoped the new SEC would end its regulation by enforcement campaign against crypto, but it’s still mind-blowing to see it happen like this. The agencies almost never walk away from litigation without at least extracting a face-saving settlement. This is total victory ✌️Opens with an observation
Jake Chervinsky@jchervinskyIt's great to see the SEC move forward with Reg Crypto, which (among other things) would create exemptions for public token sales and a safe harbor from "investment contract" classification. This is a critical step toward clarity for the crypto industry and not one day too soon.Opens with an observation
Jake Chervinsky@jchervinsky3/ This is a disappointing outcome, especially since hopes ran high after oral argument in January. But it's only the beginning — not the end — of the SEC's case against Coinbase specifically, as well as its campaign to attack crypto generally. We all live to fight another day.Opens with an observation