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Illustration: Rebecca Zisser/Axios

Investor appetite for cryptocurrencies and blockchain tech continues, with the arrival of Dragonfly Capital Partners this week, but that's not all the news you should know about.

Catch up quick: Investor support for Civil's "blockchain for journalism" is lukewarm; a congressional hearing featured two opposing views of cryptocurrencies and blockchain tech; the Commodity Futures Trading Commission said institutional investors will help the market mature; and they're starting to jump in slowly.

Investor support for Civil's "blockchain for journalism" is lukewarm (Civil blog post)

Why it matters: Journalism is among the many things blockchain (or distributed ledger) tech will supposedly fix, or so Civil (and a few other companies) told us. Despite attracting high-profile media names like ex-NPR CEO and Twitter exec Vivian Schiller, and recently inking a deal with Forbes, Civil's fundraising via a public token sale didn't go as planned.

On Wednesday, Civil reported that so far it has closed about $1.3 million out of the $8 million it hoped to raise. What's more, $1.1 million of that (or 82% of total purchases) came from blockchain tech company ConsenSys, further raising questions about the ability for a project like Civil to help democratize the financial support (and accountability) of journalism.

Congressional hearing features two opposing views of cryptocurrencies and blockchain tech (Coindesk)

Why it matters: During a hearing on Thursday, senators heard from two experts with very diverging views. Economist Nouriel Roubini, who predicted the 2008 housing crisis, called cryptocurrencies "the mother and father of all scams," while Coin Center research director Peter Van Valkenburgh was still enthusiastic about the technologies while noting the various shortcomings.

Both are correct. There's been a lot of speculation, misleading claims to investors and hype painting blockchain tech as a panacea for all problems, and yet bitcoin and some others truly are innovations.

The CFTC says institutional investors will help the market mature (Coindesk), and they're starting to jump in slowly (The Information)

Why it matters: Whether institutional investors will participate in the cryptocurrency market is a chicken-and-egg question. On the one hand, they're waiting on infrastructure, products and protections they're comfortable with. But on the other, many experts predict that their participation is what will push companies to meet these requirements.

Some, such as a handful of university endowments, are beginning to invest in the market, and I've heard from a number of companies and funds that they're fielding increasing interest from these investors. And yet, it's still a slow process — only a couple of crypto-asset funds have earned the trust of institutional check writers so far, and bitcoin-based exchange-traded funds are still facing regulatory skepticism.

Go deeper

Dion Rabouin, author of Markets
31 mins ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.

Updated 1 hour ago - Politics & Policy

Biden to sign 15 executive actions on Day One

President-elect Joe Biden. Photo: SAUL LOEB/AFP via Getty Images

President-elect Joe Biden is expected to sign 15 executive actions upon taking office Wednesday, immediately reversing key Trump administration policies.

Why it matters: The 15 actions — aimed at issues like climate change and immigration — mark more drastic immediate steps compared with the two day-one actions from Biden's four predecessors combined, according to incoming White House press secretary Jen Psaki.

Mike Allen, author of AM
1 hour ago - Politics & Policy

The Swamp wins

President Trump on Jan. 28, 2017, with two aides he later pardoned — national security adviser Michael Flynn and strategist Steve Bannon. Photo: Drew Angerer/Getty Images

It was 12:50 a.m. on Inauguration Day when President Trump announced 143 pardons and commutations — including a pardon for Steve Bannon. 17 minutes later, the White House released an executive order that said it all about his failure to "drain the Swamp," as he'd promised in the '16 campaign.

Driving the news: Trump revoked an executive order, signed eight days after he took office, that limits his appointees' lobbying for five years after leaving the administration.