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Unchained

The US vs. Crypto: Jake Chervinsky on Crypto's Legal and Regulatory Status - Ep. 635

Apr 23, 2024
Jake Chervinsky, Chief Legal Officer at Variant and former head of policy at the Blockchain Association, dives into the turbulent waters of crypto regulation. He discusses key legal cases like Tornado Cash and how they may set precedents for open-source software developers. Chervinsky argues the government often misinterprets liability, raising concerns about the impact on DeFi. He also analyzes the SEC's inquiries into Ethereum and Coinbase, all while maintaining an optimistic outlook for the future of digital assets in the U.S.
01:26:11

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Developers can be held liable for third-party software misuse, exemplified by the Tornado Cash case.
  • SEC's broad view of securities laws impacts crypto entities like Coinbase and Uniswap.

Deep dives

The Tornado Cash Case and Allegations Against Open-Source Developers

The government alleges that the developers of Tornado Cash are liable for how bad actors use the software, despite the developers not being directly involved. The indictment alleges that the developers enabled North Korea to launder up to $1 billion, leading to conspiracy charges. However, the defense argues that the developers are not liable for third-party misuse of the software.

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