Happy Wednesday. Last week’s piece on legislation that Rep. Darren Soto’s office is developing, which would exempt two classes of crypto assets from being securities, drew a lot of feedback. Some applauded the effort, but others reserved judgment for later. Joe Grundfest, a former SEC director who now teaches at Stanford, wrote in: “The technology doesn’t fit into neat buckets. Instruments might evolve that fit in two or more of these categories.”
The big news in crypto this week is that Facebook has acquired its first blockchain startup, Chainspace. The startup was developing a blockchain with “planetary scale,” according to its website. That’s a must-have for any company, like Facebook, looking to roll out a cryptocurrency for billions of people. Below: more details on Facebook’s acquisition hunt, plus context on a $100 million fundraising by the crypto exchange Kraken.