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Illustration: Rebecca Zisser / Axios

Bitcoin and Ethereum are no longer just for libertarian geeks and their Reddit pals. That became clear last week when a day-long conference about cryptocurrency hedge funds in San Francisco was filled with suits instead of t-shirts and hoodies. Cryptocurrency is the next "it" thing in trading, and the professionals know it. (Except for Jamie Dimon.)

Why it matters: Regulators around the world are grappling with the rise of cryptocurrencies and, more recently, initial coin offerings. This will become increasingly important as more financial professionals want to make a business out of it.

Key quote: "In this space I think we will soon see one person generate $1 billion of value." — Ethereum co-creator Vitalik Buterin

Hot conference topics:

Security: "I don't think it's realistic to assume that no one at the fund can steal the money," said Ari Paul, BlockTower Capital managing partner. "Security at the moment is about not losing LP funds."

Regulation: "The IRS is really not gonna understand the technology," said Arthur Bell tax advisor Cynthia Pederson, adding that fund managers have to make sure they clearly explain everything to the agency.

Risk management: Common questions from fund investors involve exchange hacks and shutdowns, said some fund managers. Security vulnerabilities in the protocols (or cryptocurrencies) themselves also add risk.

Definitions: Though the Commodity Futures Trading Commission declared cryptocurrencies to be commodities in 2015, some experts think regulators will have to take a more nuanced view as new tech emerges.

ICOs: With some groups now raising hundreds of millions of dollars through initial coin offerings, they'll need to hire people to manage the funds. Unlike traditional startups that usually have an established business by the time they raise such amounts, these issuers rarely have more than a team of developers and an white paper.

Go deeper

VA first federal agency to require COVID vaccines for employees

A medical doctor gives the thumbs-up sign to a COVID-19 patient who is no longer using a respirator at the Veterans Affairs Medical Center in New York City. Photo: Robert Nickelsberg/Getty Images

The Department of Veterans Affairs said Monday it would require its frontline health care workers to get vaccinated against the coronavirus within the next two months, the New York Times reports.

Why it matters: The VA is the first federal agency to mandate that employees receive the vaccine. The decision comes as cases of the Delta variant in the U.S. have increased dramatically.

3 hours ago - Health

Biden: Americans with long-COVID symptoms may qualify for disability resources

President Biden speaking in Arlington, Virginia, on July 23. Photo: Oliver Contreras/Sipa/Bloomberg via Getty Images

Americans experiencing long-term symptoms of COVID-19 may qualify for disability resources from the federal government, President Biden announced Monday during an event to mark the 31st anniversary of the Americans with Disabilities Act.

Driving the news: The departments of Justice and Health and Human Services released new guidance Monday that categorizes “long COVID" as a physical or mental impairment, entitling people with the illness to discrimination protections under the the ADA.

Study: Get ready for many more record-shattering heatwaves

NASA computer model image of temperature departures from average on June 27 during the Pacific Northwest heat wave. (NASA Earth Observatory)

The recent deadly heat wave in the Pacific Northwest, during which all-time temperature records were shattered by several degrees, is a prologue to what is coming across much of the U.S., Europe and Asia, a new study finds.

Why it matters: The study shows that the rate of climate change is an under-appreciated driver of extreme heat, and that today's quickening pace of warming virtually guarantees more extreme temperature records in coming decades.