Three year-old Protocol Labs has raised around $193 million via an initial coin offering, for a pre-launch distributed computer memory storage project called "Filecoin Network." This comes on top of a pre-ICO raise of around $52 million from venture firms — Andreessen Horowitz, Sequoia Capital, Union Square Ventures and Winklevoss Capital — while the ICO itself had to be temporarily suspended due to overwhelming volume in its initial hour.

Why it matters: This already is the largest-ever ICO, if the pre-sale is included. But the offering suspension also reflects the tech challenges faced by this latest/greatest tool for capital-raising, and the size is sure to only increase SEC scrutiny.

Market size: We've already seen over $1.3 billion in ICO volume so far this year, excluding ongoing offerings like Filecoin, according to Smith & Crown.

Bottom line from WSJ's Paul Vigna: "Filecoin initiative is designed to allow users to exchange empty storage space on their computers for tokens. Users can earn tokens for contributing space on their hard drives, or can use tokens to buy space from other users. The way the public sale was orchestrated, the earliest investors would get the lowest price. This appears to have contributed to the rush in the first hour, as investors tried to get in and get the lower prices."

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Updated 18 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 12,573,041 — Total deaths: 561,865 — Total recoveries — 6,915,740Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 3,213,902 — Total deaths: 134,420 — Total recoveries: 983,185 — Total tested: 38,919,421Map.
  3. Public health: Jimmy and Rosalynn Carter: "Please wear a mask to save lives" Fauci hasn't briefed Trump on the coronavirus pandemic in at least two months — We're losing the war on the coronavirus.
  4. Food: How the coronavirus pandemic boosted alternative meat.
  5. Sports: Charge of "money grab" by college football.
  6. World: India reimposes lockdowns as coronavirus cases soar.
  7. 🎧 Podcast: Rural America has its own coronavirus problem.

Scoop: Don Jr. plans convention-week Biden book

Cover via Don Jr.

Donald Trump Jr., in quarantine since girlfriend Kimberly Guilfoyle tested positive for the coronavirus, says he's used the time to finish a book that he'll self-publish the week of the Republican convention, at the end of August.

What he's saying: Don Jr., whose controversial blasts connect with President Trump's base, told me in a phone interview that "Liberal Privilege" will be his effort to paint a picture of Joe Biden and his record that the press ignores.

Romney calls Stone commutation "historic corruption"

Sen. Mitt Romney. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Sen. Mitt Romney (R-Utah) on Saturday tweeted a scathing response to President Trump's Friday night commutation of former associate Roger Stone's prison sentence, calling the move "[u]nprecedented, historic corruption."

Why it matters: Romney has emerged as the party's most prominent Trump critic. He sent shockwaves through Washington after announcing he would vote to convict Trump in the impeachment trial — becoming the only Senate Republican to break ranks and vote for the president's removal from office. Now he is the first major GOP lawmaker to condemn Trump's Friday night call regarding Stone.