Treasury Dept. wants to ‘capture DeFi’ with infrastructure bill: Jake Chervinsky
General counsel to Compound Labs, Jake Chervinsky, has warned that the Treasury Department wants to “capture” the DeFi sector through the crypto provisions added to the infrastructure bill. The last-minute cryptocurrency provisions added to the U.S. infrastructure bill sought to “capture DeFi,” argues Compound’s general counsel Jake Chervinsky.Appearing on the Bankless State of the Network podcast on August 17, Chervinsky — who is also DeFi Chair of the Blockchain Association — said the industry had been “blindsided” by the infrastructure bill’s crypto tax provisions which were announced....
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The emergency cryptocurrency provisions in the United States infrastructure bill target DeFi says Jake Chervinsky. During a podcast on Bankless State of the Network, the general counsel for Compound and DeFi’s Chairman of the Blockchain Association declares that infrastructure bills have “blindsided” the industry through cryptocurrency tax provisions. The announcement came nine days before its […]
Senate talks regarding the controversial crypto provisions to the U.S. infrastructure bill have ended without amendment, suggesting the original bill will be voted on come Tuesday. The provisions aim to raise $28 billion for infrastructure funding through expanded digital asset taxation, and will impose broad third-party reporting requirements on any crypto firm deemed to comprise a “broker.”On August 9, general counsel to Compound Finance, Jake Chervinsky, tweeted that the Senate had voted 68 in favor to 29 against ending debate surrounding the provisions, halting discussions until....
The crypto industry could be going through one of the most critical points of its history. In the United States, the $1 trillion bipartisan Infrastructure draft bill has been sent to the Senate to be approved. The bill seeks to impose more taxes on transactions related to cryptocurrencies. As Jake Chervinsky, General Counselor at Compound […]
In a tweet, lawyer Jake Chervinsky expressed his hopes that the governor will veto the bill “for the sake of New York.” As the state of New York pushes forward a bill that will ban proof-of-work (PoW) mining once approved, members of the crypto community express their disagreement through social media. In a Twitter thread, Jake Chervinsky, the head of policy at Blockchain Association, explained that the move will not “reduce carbon emissions” at all. According to Chervinsky, a mining ban will only push miners away from New York to build in otheareas where the state has no influence over....
Blockchain Association's Jake Chervinsky believes politicians should not be worried that Russia may use crypto to get around economic sanctions because it is not feasible at the scale required. Experts on crypto policy argue that concerns expressed by high profile politicians about Russia evading economic sanctions using cryptocurrency are “totally unfounded.”They say the crypto market is not nearly large enough nor deep enough to support the volume that Russia needs and that the country’s digital asset infrastructure is minimal. Former U.S. Secretary of State Hillary Clinton and the....