Turning Point: The Crypto Industry's Battle Against the Infrastructure Bill, Feat. Jake Chervinsky

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 13 August 2021

⏱️ 68 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jake Chervinsky is the general counsel for Compound Labs and DeFi lead at the Blockchain Association. Over the last few weeks he has been deeply involved in the battle against the onerous crypto provision in the infrastructure bill. In this discussion with NLW, Jake provides a blow-by-blow overview and insider's account of the battle, from first learning of the provision to the moment that a senator’s special interest broke the bill. Finally, they discuss what the legacy of this event will be for the crypto industry and why we’re likely to be stronger now than ever. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: uzenzen/iStock/Getty Images Plus, modified by CoinDesk.

Transcript

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0:00.0	And I walked into the office and everyone said, hey, Jake, we're dealing with a crisis.
0:04.5	And I said, oh, you're always dealing with some kind of crisis.
0:07.6	So give me a break, right?
0:08.6	That's just always sort of the mood in D.C.
0:10.9	There's always some fire to put out.
0:13.4	And they said, no, Jake, you don't understand.
0:15.2	This is a really serious situation.
0:17.6	And it took them a few hours, actually, to convince me that this was a real problem. But
0:21.8	once I looked at the language and started talking about the likelihood that it would actually
0:26.9	end up in the infrastructure bill and passing, I realized that this was, I think, of the most
0:32.5	damaging language to find its way into legislation that we've ever seen in the crypto industry.
0:37.4	And I know that sounds like an exaggeration, but I actually don't think that it is.
0:42.7	Welcome back to The Breakdown with me, NLW.
0:46.7	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:53.9	The Breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
1:00.2	What's going on, guys? It is Thursday, August 12th, and as you well know, the last few weeks
1:06.8	were some of the craziest in crypto history. The battle against the infrastructure bill
1:12.5	will, I believe, go down in history as one of the most significant transformational moments
1:19.3	in the history of this industry. Today I'm joined by someone who had an absolute inside seat
1:26.1	into that and who was in fact instrumental
1:28.4	in helping fight for our case. Jake Chivinsky is the General Counsel at Compound Labs and
1:33.7	also works on defy issues with the blockchain association. Now when I was reflecting on this
	...

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