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.

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Updated 15 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 18,178,736 — Total deaths: 691,111 — Total recoveries — 10,835,789Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 4,698,335 — Total deaths: 155,331 — Total recoveries: 1,468,689 — Total tests: 57,543,852Map.
  3. Politics: White House will require staff to undergo randomized coronavirus testing — Pelosi says Birx "enabled" Trump on misinformation.
  4. Sports: 13 members of St. Louis Cardinals test positive, prompting MLB to cancel Tigers series — Former FDA chief says MLB outbreaks should be warning sign for schools.
  5. 1 🎥 thing: "Tenet" may be the first major film to get a global pandemic release.

Twitter faces FTC fine of up to $250 million over alleged privacy violations

Photo: Rafael Henrique/SOPA Images/LightRocket

The Federal Trade Commission has accused Twitter of using phone numbers and emails from its users to make targeted ads between 2013 and 2019, Twitter said in an SEC filing published Monday.

Why it matters: Twitter estimates that the FTC's draft complaint, which was sent a few days after its Q2 earnings report, could cost the company between $150 million and $250 million. The complaint is unrelated to the recent Twitter hack involving a bitcoin scam.

2 hours ago - World

Hollywood's international game of chicken

Illustration: Eniola Odetunde/Axios

If all goes to plan, Christopher Nolan's thrice-delayed "Tenet" will be the first blockbuster to receive a proper worldwide theatrical release amid the coronavirus pandemic at the end of this month.

Why it matters: It'll be playing a $200 million game of chicken, hoping to prove that people across the globe are still willing to trek to theaters to see a splashy new movie.