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The Latest Breaking News from Leo Schwartz

Six new unicorns were minted in May and, yep, two of them were AI companies, Crunchbase data released earlier this week showed. While newly-minted AI unicorns is a predictable enough phenomenon these days, I was caught more off guard by this: Two of May’s new unicorns are in Web3.

Fortune

How a young crypto VC fell from grace

Yida Gao raised $200 million for his venture fund Shima but has since lost the trust of his backers.

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A crypto wunderkind’s $200 million fund had the backing of investors like Bill Ackman and Galaxy. Then everything went south

An investigation into Shima Capital and its founder, Yida Gao.

Fortune

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read the most diverse news in one place.

Why crypto VCs are fretting about distributions: ‘Let them see the green’

With token prices soaring and the sector still in rehabilitation mode, investors want to see some returns.

Fortune

With the fake Bitcoin ETF approval, Gary Gensler created his own worst nightmare

The reluctant SEC chair turned an esoteric financial vehicle into a three-ring circus.

Fortune

Coinbase is playing a ‘dangerous game’ against the SEC with its stablecoin USDC

By offering a yield to investors, the leading crypto exchange could be putting its prized stablecoin at risk.

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The crypto use case of 2023: Law enforcement

Respondents to a TRM Labs survey estimated that 40% of offenses investigated by their agencies involved crypto.

Fortune

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The House version of the Warren-Marshall anti-money laundering crypto bill has hit a McHenry-sized obstacle

Rep. Sean Casten is struggling to find a co-lead for his version of the Warren-Marshall bill.

Fortune

So why isn’t a Pokemon card a security?

Figures from SEC Commissioner Hester Peirce to Rep. Ritchie Torres have weighed in on the pressing crypto question, without clarity from regulators.

Fortune

Inside Gary Gensler’s efforts to remake the SEC

How a former Goldman Sachs banker became the most divisive SEC chair in decades.

Fortune

Binance avoided a death sentence—but the slow bleed is yet to come

The long-awaited settlement with the crypto exchange avoided FTX territory.

Fortune

Flaw in early Bitcoin wallets shows how much crypto depends on secure code

A new vulnerability in certain old Bitcoin wallets means it's open season for hackers.

Fortune

What’s the deal with Hamas and crypto?

Tether, not Bitcoin, seems to be the new global center of gravity for illicit financing networks.

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In D.C., crypto is pivoting to tokenization—if AI doesn’t take the spotlight first

The nation's capital is shifting its tone on digital assets.

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The story behind the story: Why the real star of Sam Bankman-Fried’s trial is the one-man news operation Inner City Press

An SDNY mainstay, Matthew Russell Lee became a Crypto Twitter legend while covering SBF’s trial.

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The Sam Bankman-Fried trial is an indictment of the crypto industry

Blockchain acolytes are trying to pretend that FTX never happened.

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Sam Bankman-Fried makes himself out to be an absentee CEO in new testimony

The FTX cofounder tried to distance himself from the hole in FTX’s balance sheet.

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SBF testifies that while he worked up to 22 hours per day, he was pulled in many directions and wishes he had a ‘better understanding’ of tracking FTX’s assets

SBF ‘word salad’ responses didn’t go over too well in the courtroom.

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Fortune

Sam Bankman-Fried's performance on the stand shows his twisted moral compass

Sam Bankman-Fried's first day on the stand showed why lawyers say it's typically a bad idea for defendants to testify.

Fortune

Crypto has a DeFi problem

The current war in Israel has made terrorist financing through crypto a top priority in D.C.

Fortune

California’s crypto bill reveals the fractured state of digital asset regulation

In the absence of federal action, states are leading the way on oversight—including new legislation out of California.

Fortune

Everything we learned from week 1 of Sam Bankman-Fried’s trial

Cofounder Gary Wang and venture capitalist Matt Huang have already taken the stand.

Fortune

The White House's top crypto critic departed. What does that mean for a stablecoin bill?

Senior aide Bharat Ramamurti established himself as one of the top economic voices in the Biden administration.

Fortune

Crypto's advocate at the CFTC still has doubts about DeFi

Even CFTC Commissioner Summer Mersinger has her reservations about decentralization and liability.

Fortune

FTX founder Sam Bankman-Fried’s trial starts in two weeks. Here’s a preview

The SBF trial is set to be one of the most important cases in history for a venture capital-backed startup.

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