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This is your go-to newsletter, dedicated to the latest happenings in Web3 investment, ranging from acquisitions, partnerships, capital-raising activities, and real estate. We cover everyone from the most prominent players to the rising stars in the field, delivering insights right to your inbox Monday to Thursday. And yes, we sprinkle in a bit of legal commentary for good measure.

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🟨 Law News — Coinbase is being targeted by various US states in response to SEC lawsuit.

After being sued by the SEC, Coinbase is battling legal proceedings from multiple US states with allegations focusing explicitly on their trading and staking services. Alabama, California, and eight other states have formed task forces consisting of Securities regulators targeting Coinbase for lack of insurance coverage under FDIC and SIPC policies. The states' actions are seen as a significant blow to Coinbase. New Jersey has issued a cease and desist order, seeking a $5 million fine for selling "unregistered securities" and expressing concerns about Coinbase's staking program promising high returns.

This coordinated effort by state regulators, along with the SEC lawsuit, reflects the growing regulatory challenges faced by the crypto industry in the US. Coinbase, while expressing its commitment to compliance, is reviewing the actions taken by the states and intends to engage in productive discussions. It maintains that its staking services do not fall under the category of securities according to federal or state law.

These developments highlight the evolving regulatory landscape surrounding cryptocurrencies.

🟨 CryptoLaw News

Despite the crypto winter, CryptoLaw is unfortunately hot right now.

SEC lawsuit against Coinbase raises questions about crypto's market structure.

Amid Crypto Chaos, CFTC Approves Cboe For Futures Margin Trade.

XRP Lawsuit: SEC Has a 3% Chance of Winning Against Ripple.

🟨 Funds

Thunes raises $60m. Thunes, a Singapore-based payment structure platform announced the conclusion of its Series C funding round. Investors include Marshall Wace, Bessemer Venture Partners, and 01Fintech. (CEO Profile/ Peter De Caluwe).

Uningrid secured $25m from GEM Digital Limited.

Meanwhile raises $19m. Meanwhile, a Bitcoin denominated life insurance provider, has raised $19m. The first round was co-led by Sam Altman, CEO of ChatGPT developer OpenAI, and former Stripe executive Lachy Groom. The second round was led by Gradient Ventures.

Argus Labs raises $10m. Argus Labs, a San Francisco-based crypto gaming startup, has raised $10m led by Robot Ventures with Robot Ventures, Anagram, Dispersion Capital, and Alchemy. (CEO Profile: Scott Sunarto).

Nori raises $6.25m. Nori, a Seattle-based blockchain-based carbon removal marketplace, has raised $6.25m from M13, Toyota Ventures, Placeholder, and Cargill. (CEO Profile: Matt Trudeau).

Kilde raises $1.1m to bankroll securities tokenization project. Kilde, a Singapore-based company that has created a regulated investment platform for alternatives has raised $1.1 million in seed funding from investors including Big Sky Capital, Borderless Capital, AXL Ventures, and Algorand Foundation.

🟨 Lunch-Break Reads

Record VC ‘Dry Powder’ Could Go to AI

Policymakers Need To Deal With Real AI Challenges

Sequoia Is Splitting Into Three VC Firms

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.