Lawyer Jake Chervinsky Shares In-Depth Cryptocurrency Congress Hearing Analysis

Lawyer Jake Chervinsky Analyses Crypto Congress Hearing

The recognized lawyer Jake Chervinsky, has analyzed the US Senate Banking Committee hearing on cryptocurrencies. On Twitter, he wrote a thread in which he analyzes what crypto-bulls commented and what bears had to talk about.

He mentions that there was a ‘head-to-head’ between Peter Van Valkenburgh (crypto supporter), and Nouriel Roubini (Dr. Doom) (who has been always a strong critic of virtual currencies). Both experts decided to submit a submitted written testimony (For vs Against) before the hearing.

According to Mr Chervinsky, Peter did a solid work in which he explained how virtual currencies work and how it can be used. At the same time, although he admits he is biased, he thinks that Nouriel wanted to scream ‘get off my lawn!’

Furthermore, Chervinsky said that some of the points made by Nouriel were disingenuous since he refuses to engage with the real technology. About it, Chervisnky provides data from the written testimony in which Nouriel says that Bitcoin fees are $55 dollars or that Bitcoin cannot scale. At the moment, fees are much lower than $55 dollars and developers are working on different scaling solutions such as the Lightning Network.

Chervinsky has also defended Peter’s job. He mentions that the statement was ‘among the best articulations of the case for bitcoin’ that he has ever heard. For him, Peter Van Valkenburgh was able to speak directly to the senators’ concerns providing real-world examples.

Furthermore, he went on writing about Nouriel’s performance and how he attacked blockchain technology. Chervinsky noted that Roubini said that companies will never use public and decentralized blockchains, but it is important to remember that he said the same about the internet.

Chervinsky started to talk about senators as well. For him, they were able to make some progress, although not much. Some senators were interested in the matter, but most of them show little knowledge about the space. There were some senators that were not interested at all about the topic.

Moreover, the lawyer said that none of them called for a specific regulation and that they were not asking for ban or restrictions. There were some senators that asked about how to deal with criminals and how to leverage blockchain technology.

Additionally, he mentioned that Senator Toomey had very good questions such as how Bitcoin can scale and how to improve ‘mining oligopolies.’ For Chervinsky, this is quite important since it shows that there are some senators very interested in the matter and that really want to learn and understand how cryptocurrencies work.

For Chervinsky, Senator Warren has also highlighted some important benefits for consumers. Although she is mostly skeptical, in the future she could support some goals related to virtual currencies.

However, Jake Chervinsky marked some important points related to institutional investors and anonymity. Peter said that the market will be more stable once institutional investors enter the market. Chervinsky believes that there is no point of building a trustless and permissionless cryptocurrency if it will be controlled by institutions.

In addition to it, he is worried about anonymity issues. Peter said that each Bitcoin can be tracked and that criminals can be chased. However, developers are working in anonymity features that would be implemented on the Bitcoin network in the near future.

To summarize, Chervinsky stated that Peter did a good job defending virtual currencies and that Nouriel was acting as he usually does, against virtual currencies. He then mentioned that Senators were able to make real progress in the way they think, which is positive.

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