Cryptocurrencies

A startup shuts down and other crypto news this week

Illustration: Sarah Grillo/Axios

BusinessWeek put bitcoin on the cover of its magazine this week, wondering whether "crypto [has] hit the fan." We'd say that still remains to be seen, but in the meantime, here are other important news from this week.

Catch up quick: Bain-backed crypto startup Basis closed; Facebook’s blockchain group is on a hiring spree to reinvent money; and the Securities and Exchange Commission’s crypto czar signaled some flexibility on token offerings.

VC funds want new rules on investing in unicorns and tokens

Unicorn with a dollar bill sign.
Illustration: Lazaro Gamio / Axios

Venture capitalists want more flexibility in what sorts of investments they can make, according to a letter recently sent by the National Venture Capital Association to the U.S. Securities and Exchange Commission.

Why it matters: Qualifying as a "venture capital fund" comes with benefits like fewer reporting guidelines than other types of private investment funds, but the definitions were written when companies didn't stay private quite so long, and before the advent of digital tokens.

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