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Illustration: Rebecca Zisser/Axios

The industry got a big win with Colorado's election of congressman and blockchain tech advocate Jared Polis as its new governor, but that's not all the news this week.

Catch up quick: A Securities and Exchange Commission official says "plain English" guidance on initial coin offerings is coming; Bitfury raised $80 million in new funding; and the SEC could target more token exchanges after EtherDelta.

SEC official says 'plain English' guidance on ICOs is coming (CoinDesk)

  • Why it matters: Speaking at a conference in D.C. this week, William Hinman, the SEC's director of corporation finance, gave cryptocurrency industry the news it's been waiting for a long time. Despite a growing number of enforcement actions against fraudulent or otherwise illegal digital token sales and initial coin offerings, the agency has yet to spell out exactly what counts as a securities sale.

Bitfury raises $80 million in new funding (Bitfury)

  • Why it matters: The company, which sells cryptocurrency mining hardware, was reportedly considering an IPO, which would have made it the first of the industry in Europe. One of its competitors, Bitmain, filed to go public in late September and could raise up to $3 billion from the offering. And despite the initial coin offering mania of the last two years, it looks like more traditional businesses selling infrastructure tools are currently best suited for the public markets.

Expect the SEC to target more token exchanges after EtherDelta (CoinDesk)

  • Why it matters: EtherDelta is the first digital currency exchange the SEC has gone after, though chairman Jay Clayton has long voiced his concerns about their lack of protections for investors. Another notable aspect of EtherDelta is that it's a so-called "decentralized exchange," which uses distributed systems to create its exchange. The SEC’s action signals that these exchanges won't be spared, and the agency will figure out who to hold accountable.

Go deeper

Updated 12 mins ago - Politics & Policy

In photos: The Biden and Harris inauguration

President Biden and first lady Jill Biden watch a fireworks show on the National Mall from the Truman Balcony at the White House on Wednesday night. Photo: Chip Somodevilla/Getty Images

President Biden signed his first executive orders into law from the Oval Office on Wednesday evening after walking in a brief inaugural parade to the White House with First Lady Jill Biden and members of their family. He was inaugurated with Vice President Kamala Harris at the U.S. Capitol on Wednesday morning.

Why it matters: Many of Biden's day one actions immediately reverse key Trump administration policies, including rejoining the Paris Agreement and the World Health Organization, launching a racial equity initiative and reversing the Muslim travel ban.

Republicans pledge to set aside differences and work with Biden

President Biden speaks to Sen. Mitch McConnell after being sworn in at the West Front of the U.S. Capitol on Wednesday. Photo: Erin Schaff-Pool/Getty Images

Several Republicans praised President Biden's calls for unity during his inaugural address on Wednesday and pledged to work together for the benefit of the American people.

Why it matters: The Democrats only have a slim majority in the Senate and Biden will likely need to work with the GOP to pass his legislative agenda.

The Biden protection plan

Joe Biden announces his first run for the presidency in June 1987. Photo: Howard L. Sachs/CNP/Getty Images

The Joe Biden who became the 46th president on Wednesday isn't the same blabbermouth who failed in 1988 and 2008.

Why it matters: Biden now heeds guidance about staying on task with speeches and no longer worries a gaffe or two will cost him an election. His staff also limits the places where he speaks freely and off the cuff. This Biden protective bubble will only tighten in the months ahead, aides tell Axios.