Variant chief legal officer: DeFi is facing a “full frontal attack” from regulators

Jake Chervinsky, the Chief Legal Officer of risk fund Variant, stated that the cryptocurrency industry is facing macro challenges, and DeFi is facing a "comprehensive positive attack" from regulatory agencies. Chervinsky believes that regulatory agencies want to identify the identities of all parties involved in transactions and want a comprehensive understanding and supervision of the financial system. Cryptocurrency mixers are tools that people can use to protect their privacy, and he said: "What we see is a comprehensive positive attack by regulatory agencies, especially anti-money laundering regulatory agencies, whose goal is to figure out who the traders are and how to avoid such technologies." Chervinsky said that since the Patriot Act came into effect more than 20 years ago, the US Treasury Department has been able to identify major money laundering issues. He said: "They can sanction an institution, a jurisdiction, an account type, or even a type of transaction."