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Source: Giphy

The hottest deal in venture-land right now isn't a venture deal at all: It's the massive pre-ICO for encrypted messaging startup Telegram.

Details: Brand-name Silicon Valley firms like Benchmark already have (quietly) signed on to what reportedly could be a $500 million offering, after which Telegram would sell even more tokens to develop its own blockchain platform and native cryptocurrency.

That's the front-of-house business. In the back-of-house, venture firms are frantically reworking fund agreements to permit crypto investments.

  • A Silicon Valley fund formation lawyer tells me that around one-third of new VC fund documents include new language that explicitly permits the purchase of crypto assets, often with some sort of concentration limit.
  • The lawyer also says that he's now spending at least half his time fielding calls from clients asking crypto-related questions.
  • Existing funds often are going to LP advisory committees for permission to do such deals, particularly if they are purchasing actual tokens. Pre-sales are generally structured as simple agreements for future tokens (SAFTs), or contracts that legally double as securities.
  • One big complication is how to handle in-kind distributions. Most LPs don't yet know what to do with tokens, and it gets even more complicated for registered investment advisors (i.e., most funds-of-funds) who need to have their assets held by qualified custodians. In short, it's unclear if any custodians are actually qualified to hold tokens.

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Illustration: Eniola Odetunde/Axios

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  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
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  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.

11 hours ago - Health

CDC extends interval between COVID vaccine doses for exceptional cases

Photo: Joseph Prezioso/AFP via Getty

Patients can space out the two doses of the coronavirus vaccine by up to six weeks if it’s "not feasible" to follow the shorter recommended window, according to updated guidance from the Centers for Disease and Control and Prevention.

Driving the news: With the prospect of vaccine shortages and a low likelihood that supply will expand before April, the latest changes could provide a path to vaccinate more Americans — a top priority for President Biden.