The Past Two Weeks
These past two weeks have been a busy time for me. I joined Mixmax as an SMB Account Executive, went on two vacations, and met a bunch of cool and smart people along the way. I am going through a transition planning my life around my 9–5. This all is both fun, exciting, and energy extensive at the same time. I will continue to publish this weekly newsletter discussing global blockchain regulation. I can’t thank you all enough for the support!
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The past two weeks have seen some interesting events occur, but I will focus on two events which have given me the most pause to think. The SEC going after Bitifinex and Tether and a16z raising a $750 million crypto fund. But first let’s dig into Bitifinex and Tether lawsuit: First off, seasoned blockchain enthusiats have always seen Tether as “suspect” as they never proved beyond a reasonable doubt that they held an equal amount of fiat (USD) cash to their stablecoin’s total market capitalization. In their lawsuit, it is alleged that Bitifinex made a couple of illegal transactions to cover up major financial loses felt because of the crypto winter.
A16z has just completed another fundraise of 2.75 billion, with $750 Million going towards their crypto fund. Last month, they changed their status to being a “financial advisor” to be able to fund more crypto projects across the globe. I view this as significant because other VC funds with a similar amount of capital resources and interest in crypto will move towards this legal structure to support their investment strategies. a16z changing its status to a “financial advisory” is more expensive than being a typical “VC” certification but my guess is it adds to their moat. We shall see!
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