The Wolf Of All Streets Major Bitcoin Setback As Senate Slams The Brakes On The CLARITY Act!
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Jan 15, 2026 Jake Chervinsky, Chief Legal Officer at Variant and a key voice in crypto regulation discussions, dives deep into the recent Senate Banking Committee's delay on the CLARITY Act. He highlights the political pressures from banks over stablecoin yields and warns against hastily written legislation that could lock in harmful rules. Chervinsky discusses the implications of potential KYC requirements for DeFi and the ongoing tug-of-war between the SEC and CFTC regarding regulation. Amid the political turbulence, he urges the industry to unite for effective lobbying and advocacy.
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Long-Term Stakes Of Market-Structure Law
- Legislative fixes stick for decades, so rushing market-structure law risks long-term harm to crypto.
- Jake Chervinsky warns that no bill is better than a bad bill because Congress rarely revisits statutes.
Banks Pushing To Eliminate Stablecoin Yield
- Banks are pushing to ban any form of stablecoin yield, reopening concessions made in prior stablecoin legislation.
- Chervinsky calls a blanket ban on stablecoin yields a non-starter that threatens industry innovation.
Protect Reward Mechanisms For Stablecoins
- Preserve third-party and non-cash reward routes for stablecoin holders to retain productive market options.
- Do not accept language that outright prevents exchanges like Coinbase from paying user rewards.