Are Prediction Markets & Crypto Derivatives Banned in India Now?
Because of the recent ban on Indian real money gaming or “RMG” platforms, liquidity in search of asymmetric risk/reward and some excitement should slowly flow into alternatives: small cap equity, crypto spot (including memecoins), crypto derivatives, and prediction markets. But does India’s recent “online gaming law” also ban prediction markets? Does it ban crypto derivatives? There is definitely something to discuss here since Probo, an Indian prediction market, has suspended activity in res...
Are Prediction Markets & Crypto Derivatives Banned in India Now?
Because of the recent ban on Indian real money gaming or “RMG” platforms, liquidity in search of asymmetric risk/reward and some excitement should slowly flow into alternatives: small cap equity, crypto spot (including memecoins), crypto derivatives, and prediction markets. But does India’s recent “online gaming law” also ban prediction markets? Does it ban crypto derivatives? There is definitely something to discuss here since Probo, an Indian prediction market, has suspended activity in res...
MFNs & Token Rights
I’ve (unfortunately :P) spent a lot of time thinking about MFNs - I find them fascinating since they force you to think hard about “fairness”. This blog post is my attempt to articulate some of this thinking, and about MFNs in pre-seed/seed crypto deals. This blog post assumes some familiarity with SAFEs and token launches.Part I: Why MFN?An investor using an MFN simply says:“If you give a future investor a sweeter deal than the deal you gave me, then you have to let me upgrade my deal to the...
MFNs & Token Rights
I’ve (unfortunately :P) spent a lot of time thinking about MFNs - I find them fascinating since they force you to think hard about “fairness”. This blog post is my attempt to articulate some of this thinking, and about MFNs in pre-seed/seed crypto deals. This blog post assumes some familiarity with SAFEs and token launches.Part I: Why MFN?An investor using an MFN simply says:“If you give a future investor a sweeter deal than the deal you gave me, then you have to let me upgrade my deal to the...
The Investor Veto on Fundraises: Bad Bad Not Good
Long flight :/ So with nothing else to do, here’s my take on why founders shouldn’t give investors veto rights over new fundraises in early stage deals when the investor group holds 25%< of a company. It’s a pretty standard veto right, but imo, this is a significant legal point that founders should fight for. Context The smoothest deal-making experience is a first cheque / pre-seed deal with a SAFE. There are usually no or “lite” investor governance rights. A little further down the line you ...
The Investor Veto on Fundraises: Bad Bad Not Good
Long flight :/ So with nothing else to do, here’s my take on why founders shouldn’t give investors veto rights over new fundraises in early stage deals when the investor group holds 25%< of a company. It’s a pretty standard veto right, but imo, this is a significant legal point that founders should fight for. Context The smoothest deal-making experience is a first cheque / pre-seed deal with a SAFE. There are usually no or “lite” investor governance rights. A little further down the line you ...
VC lawyer shower thoughts
Since it’s Sunday and I’ve got time to kill, here are some shower thoughts on my day job (in-house counsel at a small crypto VC fund). There are 2 relationships at the core of a VC deal that the VC lawyer must pay attention to: #1 the relationship between VC fund’s partner/associate who is leading the deal and the founder; this relationship is many-layered and evolving, and it is both personal and professional (sometimes very business-like, sometimes emotionally close and friendly, sometimes ...
VC lawyer shower thoughts
Since it’s Sunday and I’ve got time to kill, here are some shower thoughts on my day job (in-house counsel at a small crypto VC fund). There are 2 relationships at the core of a VC deal that the VC lawyer must pay attention to: #1 the relationship between VC fund’s partner/associate who is leading the deal and the founder; this relationship is many-layered and evolving, and it is both personal and professional (sometimes very business-like, sometimes emotionally close and friendly, sometimes ...
