Is Crypto a Security? Part II: Utility Tokens

                                                                               Crypto venture funding was weak in November, with only a few major raises driving totals, as overall deal activity reached one of its lowest points this year.                     Venture capital funding in the cryptocurrency sector remained muted in November, continuing a broader slowdown that has persisted through late 2025. Deal activity was once again concentrated in a small number of large raises by established companies.As Cointelegraph previously reported, the third quarter saw a similar pattern: total funding climbed to $4.65 billion, according to Galaxy Digital, but deal counts lagged as capital flowed primarily to bigger, more mature firms.November reflected the same divergence. Figures from RootData showed only 57 disclosed crypto funding rounds during the month — one of the weakest tallies of the year — despite headline-grabbing raises such as Revolut’s $1 billion round and Kraken’s $800 million raise ahead of its anticipated initial public offering.Read more