When President Trump issued his executive order to not enforce the TikTok ban for 75 days, it seemed to be in violation of the divestiture law's letter and intent.

• But so far no one has sued, even though courts have been inundated with complaints over many of Trump's other executive orders.

Why it matters: The lack of litigation may give Trump more incentive to further extend TikTok's life, even if a viable deal is not yet in hand.

Zoom in: The most obvious plaintiffs would be TikTok's rivals, such as Meta or Snap. The risk, however, outweigh the possible reward.

• Social media competitors are worried that a successful TikTok ban in the U.S., particularly one rooted in questionable national security arguments, could give cover to other governments that would like to ban social media apps in their countries.
• Suing also may spark a backlash, eviscerating any user adoption gains.

Behind the scenes: Legislators who supported the divestiture bill have also remained (mostly) silent.

• Republicans due to their steady obsequience to Trump. Democrats because they have bigger fish to fry.
• And members both parties are understandably worried about how voters would react. It's one thing to vote for a bill, and quite another to loudly insist upon its enforcement.

State of play: Oracle reportedly has emerged as a player in the divestiture process, but seemingly as a tech partner that might also take a minority stake.

• Yes, this is the same Oracle whose "Project Texas" work with TikTok was either brushed off or outright insulted by some Congresspeople during a public hearing with TikTok's CEO.
• Also the same Oracle that was part of a 2020 proposal, hyped by Trump, that ultimately went nowhere.

Look ahead: The current extension expires on April 5. Don't be surprised if Beijing and Washington use this impasse as a bargaining chip in tariff talks.

Stable Sea, a provider of liquidity and offramping services to the stablecoin industry, raised $3.5 million led by Kindred Ventures.

Why it's the BFD: This proves that there's life after Dorsey, as Stable Sea's founders were part of the hyped crypto effort that Block (fka Square) closed last fall.

• The tech itself isn't spun out of Block, but the problems Stable Sea wants to solve were ones that Block and others were facing.

Zoom out: This also comes just days after stablecoin legislation cleared the Senate Banking Committee.

The bottom line: "Stablecoins have become the killer app of blockchains, helping to facilitate over $6 trillion in annual transactions. They're still used to help token traders exit to a stable value, but also have become useful for treasury management at international organizations." — Brady Dale, Axios Crypto

🚑 Ampersand Biomedicines, a Boston biotech whose lead candidates focus on immuno-inflammation and immuno-oncology, raised $65m in Series B funding from backers like Flagship Pioneering and Eli Lilly. axios.link/41B2Nob

• Graphite, a New York-based code review platform, raised $52m in Series B funding. Accel led, and was joined by Menlo Ventures, Anthropic, Shopify Ventures, Figma Ventures, a16z and The General Partnership. axios.link/3FCk6Oo

🚑 Proscia, a Philadelphia-based provider of pathology digitization software, raised $50m from Insight Partners, per Axios Pro. axios.link/41AhzM2

• Augment, an SF-based logistics platform, raised $25m in seed funding led by 8VC. axios.link/43SN2LV

• Halliday, an SF-based blockchain payments startup, raised $20m in Series A funding. A16z led, and was joined by Avalanche Blizzard Fund, Credibly Neutral, and Alt Layer. axios.link/4iYxvi3

• Prezent, a gen AI-powered slide-making platform, raised $20m. Greycroft led, and was joined by Zoom Ventures, Emergent Ventures, WestWave, TGV, Manulife Ventures, and Alumni Ventures. axios.link/4hjJmWU

• Utila, a New York-based digital asset operations platform, raised $18m in Series A funding. Nyca Partners led, and was joined by Wing VC, NFX, Haymaker Ventures, Gaingels, and Cerca Partners. utila.io

• Privy, a crypto wallet infrastructure startup, raised $15m led by Ribbit Capital. axios.link/3DF0BEl

• Arcade.dev, a secure AI agent platform, raised $12m in seed funding led by Laude, a new VC firm led by Perplexity co-founder Andy Konwinski. arcade.dev

⚡ 257, a provider of home energy data software, raised $9.2m in seed funding led by F2 Venture Capital, per Axios Pro. axios.link/4kyMuRr

⚡ PulseTrain, a German battery tech startup, raised €6.1m in seed funding. Vsquared Ventures and Planet A co-led, and were joined by Climate Club. axios.link/3XYYamO

• Aletiq , a French provider of product lifecycle management softtware for industrial manufacturers. raised €6m led by Point Nine. axios.link/4iARFP8

• Orion Security, an Israeli data protection platform, raised $6m in seed funding. Pico Partners and FXP co-led, and were joined by Underscore VC. axios.link/4bXsjZw

• Spangle, a paid traffic commerce platform for retailers that's led by ex-Bolt Finance CEO Maju Kuruvilla, raised $6m from Madrona Ventures and Streamlined Ventures. axios.link/4bB0mGQ

• Entegrata, an Indianapolis-based legal data analysis startup, raised $4.5m. Chicago Ventures led, and was joined by OnDean Forward and the LegalTech Fund. entegrata.com

🚑 Eventum Orthopaedics, a U.K. maker of devices for improving knee replacement surgery, raised £3.8m from NPIF II – Mercia Equity Finance. axios.link/4kDTBIw

• AMT, a "Google Adwords for influencers," raised $3.5m in seed funding led by NFX. axios.link/4bFp3lB

• PhilosopherKing, a role-playing game developer, raised $3m in seed funding co-led by 468 Capital and 212. axios.link/4hLUuf7

• Abry Partners acquired a minority stake in AirHelp, a German provider of air passenger rights and compensation claims management solutions. airhelp.com

🚑 Advanced Instruments, owned by Sweden's Patricia Industries, agreed to buy Nova Biomedical, a Waltham, Mass.-based maker of analytical testing instruments, for $2.2b (including debt). axios.link/3E3awDA

🍷 Alba Wheels Up, a portfolio company of Southfield Capital, acquired wine logistics firm North Coast Logistics. albawheelsup.com

⚡ Apollo agreed to acquire a majority stake in OEG Energy Group, an offshore energy solutions business, from Oaktree Capital Management (which retains a stake) for around $1b. axios.link/4hj1lfZ

• Broad Sky Partners acquired Commonwealth Electrical Technologies, a Worcester, Mass., electrical contractor and energy solutions company. comelectrical.com

• Forward Consumer Partners acquired SerVaas Laboratories (dba Bar Keepers Friend), an Indianapolis maker of household cleaning products. barkeepersfriend.com

• FTV Capital completed its £216m take-private buyout of Windward, a provider of maritime risk analytics. axios.link/3DAo6yo

• Gallant Capital Partners completed its acquisition of Altify, a London-based sales software platform, from backers like Sabvest. axios.link/3RfqLjZ

🚑 Husky Technologies, a Canadian injection molding tech company backed by Platimum Equity, acquired MGS Healthcare Manufacturing's secondary injection unit and rotary platen technologies. husky.co

⚡ KKR is in talks to buy TXNM Energy (NYSE: TXNM), New Mexico's largest utility, per Bloomberg. axios.link/3RlxR6s

⚡ Peregrine Energy Solutions, a Boulder, Colo.-based utility-scale renewables and energy storage developer, raised $53m from Bildmore. axios.link/3XXvhr8

⚡ Scale Microgrids, an EQT portfolio company, acquired a 9.6-MW combined heat and power fuel cell project in Bridgeport, Conn. axios.link/3XY808s

• TerraVest Industries, a portfolio company of American Industrial Partners, acquired EnTrans, a manufacturer of tank trailers and transportation solutions, for $546m. terravestindustries.com

• Quartzsea Acquisition, a SPAC led by Qi Gong, raised $72m in its IPO. axios.link/4iAYBM1

• Allianz, BlackRock and T&D Holdings agreed to buy German insurance consolidator Viridium for around €3.5b. Sellers include Cinven, while Generali Financial Holdings and Hannover Re remain Viridium backers. axios.link/43U6urK

• Intermediate Capital Group is seeking to sell PSB Academy, a Singaporean private education group with over 20,000 students per year, per the WSJ. A deal could fetch around $525m. axios.link/4iE1X0X

• Wabtec (NYSE: WAB) agreed to buy Dellner Couplers, a maker of passenger train connection systems and services, from EQT for $960m in cash. axios.link/43VojGW

• Axel Springer, the German media group backed by KKR (for now), is weighing a sale of affiliate marketing unit Awin, per Reuters. axios.link/4ht472w

• Baloise (Swiss: BALN) is in merger talks with fellow Swiss insurer Helvetia (S: HRLN), per Bloomberg. axios.link/4iCKkPd

• Beyond Inc. (NYSE:BYON), owner of Bed Bath & Beyond, plans to sell a majority stake in its Zulily brand to Lyons Trading Co. for $5m. axios.link/3FPJqQQ

🎬 Content Partners agreed to buy the film library of bankrupt Village Roadshow for $365m, although superior bids could emerge. Underlying assets include "The Matrix" and "Ocean's Eleven" films. axios.link/41QC2vW

• Factorial, a Barcelona-based cloud HR platform for SMBs, raised $120m in non-dilutive, non-equity funding from General Catalyst. axios.link/3DTF62z

• Oro Labs, a Palo Alto, Calif.-based procurement management startup, acquired ProcureTech, a London-based digital accelerator for procurement. Oro has raised over $80m from firms like Felicis, NVP, B Capital, Airbus Venture, and XYZ VC. orolabs.ai

• NVidia and xAI joined an AI data center consortium already backed by BlackRock, Microsoft, and MGX. axios.link/4hIfNy8

🚑 Pfizer (NYSE: PFE) is seeking to sell its remaining 662m shares in consumer health products company Haleon (LSE: HLN), per Bloomberg. axios.link/43QnRcX

⚡ Santee Cooper is seeking to sell two unfinished nuclear reactors at its V.C. Summer power plant in South Carolina. axios.link/3FPIE6o

• Sportsradar (Nasdaq: SRAD) agreed to buy IMG Arena and its portfolio of global sports betting rights from Endeavor Group (NYSE: EDR), which is just days away from going private. axios.link/4iWm5eB

• Carr's Hill Partners, a PE firm led by David de Lauréal (ex-Bernhard Capital Partners), raised $210m for its debut fund focused on industrial services companies. axios.link/3DSY1ur

• Hustle Fund is raising $50m for its fourth fund, per an SEC filing.

• Marin Sonoma Impact Ventures is raising $15m for its second fund with over &m already committed, per an SEC filing.

• SemperVirens raised $177m for a VC fund focused on health care and workforce tech. axios.link/3FGBp0L

• President Trump nominated Fed governor Michelle Bowman to become vice chair for supervision (i.e., the country's top bank cop). axios.link/4bFgDL2

• He also fired the FTC's two Democratic commissioners, Rebecca Slaughter and Alvaro Bedoya. Expect legal challenges.

• Pat Gray, founder of the "Risky Business" podcast, is joining VC firm Decibel as a founder advisor. axios.link/4iTcvJy

• JP Saad joined CVC Capital Partners, after having led European TMT deals for KKR, per PE News. axios.link/3FyXwGg

• Sequoia Capital laid off its D.C.-based policy team and shut its office there, per Fortune. axios.link/4bC25f2

We've learned more about Google's $32 billion deal for Wiz, per sources:

• Talks restarted within just the past few weeks, driven by both companies' belief that they'll have an easier U.S. antitrust path under Trump than they would have had under Biden.
• The basic antitrust argument is that Google isn't a dominant cybersecurity player. At least not yet.
• Google may feel better about its regulatory chances than does Wiz, since the deal includes a whopping $3.2 billion termination fee and other protective measures. Pay close attention to EU scrutiny.
• Wiz had not yet begun serious IPO prep.

In terms of ROI, here are Wiz's top VC shareholders: Index Ventures (14%), Sequoia Capital (10%), Insight Partners (8%), Greenoaks (6%), Cyberstarts (3%), and Lightspeed Venture Partners (2.5%).