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Fjord Secures $4.3M Seed Round for Community Funding

Fjord Secures $4.3 Million Seed Round: A Game Changer for Community-Focused Funding In a pivotal moment for the burgeoning world of blockchain and cryptocurrency, Fjord has successfully closed a remarkable $4.3 million seed funding round. This achievement underscores the critical need for platforms that not only connect innovative projects with dedicated backers but also prioritize fairness and transparency in the funding process. For more insights into Fjord’s potential impact, check out Fjord . A Strong Backing The oversubscribed round was led by Lemniscap , a reputable investment firm known for its focus on emerging crypto assets. Other notable participants included Mechanism Capital , Zee Prime Capital , and Castle Capital , along with a roster of angel investors such as Crypto Kaduna , Fomosaurus , Joshua Rager , and Danny Wilson of Illuvium fame. This diverse group of investors highlights the growing confidence in Fjord's mission and its potential impact on the blockch...
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Produced by Daniel Aharonoff & Mogul Media AI

Legal Showdown: SEC vs. Coinbase - Regulatory Battle in the Crypto Industry

In a much anticipated legal showdown, attorneys for the Securities and Exchange Commission (SEC) and Coinbase squared off in a Manhattan courtroom on Wednesday, arguing over whether the SEC's lawsuit against Coinbase should be dismissed. The federal regulator accused the crypto exchange last June of operating illegally, in violation of securities laws. Over the course of a nearly five-hour hearing, U.S. District Judge Katherine Polk Failla prodded both sides on the merits of their respective arguments. She seemed particularly willing to question the SEC's claim that existing securities laws can so easily apply to the novel cryptocurrency industry.

Judge's Concerns:

  • Judge Failla expressed fear that the SEC's argument might be sweeping too broadly.
  • She raised a hypothetical scenario where a ruling in the SEC's favor could open the door to a Beanie Babies class action lawsuit.
  • Judge Failla questioned the SEC attorney about the implications of their test on collectibles or commodities.

In a lively exchange, an SEC attorney tried to minimize the significance of a brief filed in support of Coinbase by Senator Cynthia Lummis (R-WY), a noted crypto advocate. However, Judge Failla seemed unconvinced by the attorney's argument and even suggested that the SEC attorney was not showing proper deference to Senator Lummis.

Senator Lummis' Involvement:

  • Judge Failla highlighted Senator Lummis' significant involvement in the crypto space.
  • She mentioned that Senator Lummis is a co-sponsor of legislation proposing a regulatory framework that differs from the Howey Test.
  • Senator Lummis' proposed legislation aims to create a specialized regulatory framework for the digital assets industry, stripping the SEC of its authority to sue most crypto projects and exchanges.

Judge Failla's comments during the hearing indicated a level of sympathy towards Senator Lummis' perspective and suggested a willingness to consider alternative regulatory frameworks for the crypto industry.

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