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With Cryptocurrencies in Free Fall, One Big Firm Doubles Down

SAN FRANCISCO — Even with the cryptocurrency markets in an extended slump, the most prominent venture capital firm in the sector is doubling down.Andreessen Horowitz, the well-known firm that made early bets on Instagram and Reddit, said on Monday that it was creating a $300 million fund focused exclusively on projects inspired by the original virtual currency, Bitcoin. One of the leaders of the new fund will be the firm’s first female general partner, Kathryn Haun, a former federal prosecutor.Last year, when Bitcoin and most other virtual currencies were gaining in value, most of the large venture capital firms began beefing up on cryptocurrency expertise and making…

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Venture Capitalists Seek ‘Safe Harbor’ for Virtual Currencies

The group included the two largest venture capital firms in the virtual currency industry, Andreessen Horowitz and Union Square Ventures. It also included lawyers from Cooley, Perkins Coie, and McDermott Will & Emery, the people involved in the effort said.The group met with the S.E.C. in Washington on March 28 to present their idea for a safe harbor that would allow some tokens to be categorized as “utility tokens” rather than securities. An S.E.C. spokesman declined to comment on the meeting.Thousands of virtual currencies have been created through so-called initial coin offerings in which entrepreneurs sold digital tokens to raise money for their projects. The tokens are…

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