SEC asked Coinbase to delist all crypto except for Bitcoin before suing it, Sequoia cuts crypto and ecosystems funds

Before suing Coinbase last month, the SEC asked the crypto exchange to halt trading of all cryptocurrencies other than bitcoin; CEO Brian Armstrong said if Coinbase had complied, it would have been the end of crypto in the US - Link

WSJ sources: As part of a larger downsizing, Sequoia cut its crypto fund to $200M from $585M, and its ecosystem fund to $450M from $900M - Link

Eco, a payments startup that’s raised ~$95M to date, just announced a decentralized P2P payments service called Beam, aiming to be a global version of Venmo - Link

Proprio, a Seattle-based startup building devices and software to create real-time 3D surgery visualizations, raised a $43M Series B - Link

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Wilson Sonsini Partner Becki DeGraw joins Jason on the latest edition of Startup Legal Basics! In this episode, they discuss the contrast between late-stage and seed-stage investing (2:52), repricing stock options (5:48), the adoption of AI in the legal industry (23:29), and much more! - Link

RapidAI, a startup building AI-powered tools that help diagnose aneurysms, strokes, and other neurological conditions in brain CT scans, raised a $75M Series C led by Vista Credit Partners - Link

A PE consortium led by Francisco Partners and TPG will take New Relic private in a $6B all-cash deal, valuing the company at $87/share or $6.5B - Link

Economic Times sources: Tiger Global has fully exited its position in India-based Flipkart, totaling $3.5B in gains in a multi-year phased selloff - Link

NYT sources: The Biden admin is searching for malware it believes China hid inside the networks of power grids, communications systems, and water supplies that feed US military bases both domestic and global - Link

This Week in Startups

Market dynamics, RIFs, and AI’s role in law with Becki DeGraw | Wilson Sonsini Startup Legal Basics

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