Jake Chervinsky, the Chief Policy Officer of the crypto advocacy group Blockchain Association, shared his views in an extensive Feb. 14 Twitter thread on the state of crypto policy.  

Chervinsky believes neither the Securities and Exchange Commission (SEC) nor the Commodity Futures Trading Commission (CFTC) “has the authority to comprehensively regulate crypto” or “can obtain it through any amount of enforcement”.

Chervinsky expressed doubt about the possibility of a crypto legislation deal due to the ideological differences between House Republicans and Senate Democrats. He accused the SEC and CFTC of overreaching their authority to achieve results without Congress.

He also called for the crypto industry to stay calm amid the SEC's recent crackdown on staking services, which he attributes to the SEC's position as "crypto's chief antagonist."