VW Blog Articles by Kevin Vela

On July 3, 2025, the California Attorney General issued an advisory opinion declaring all paid daily fantasy sports (DFS) contests illegal under California law. This ruling puts the future of DFS in California—one of the nation’s largest markets—in jeopardy and raises concerns about potential ripple effects in other states. While some states have issued similar negative opinions, their impact has varied, with courts or legislatures sometimes overturning or clarifying DFS legality.

Congress made major changes to QSBS, expanding who qualifies and how much gain can be excluded. The asset cap rose to $75 million, and investors can now exclude up to $15 million or 10× their basis—whichever is greater. Shorter holding periods also now qualify for partial tax breaks. These changes open the door for both investors and companies to benefit from this powerful tax incentive.

This blog breaks down what qualifies as an “investment company” under federal law and explains how private fund managers—like those running hedge funds or venture capital firms—can avoid burdensome public registration by meeting key legal exemptions.

Not everyone who discusses money or investments is considered an investment advisor. This blog breaks down key exemptions for professionals like publishers, family offices, and those offering non-securities advice—and highlights how crossing certain lines can trigger SEC oversight.

A map displaying the overlap between sports betting and fantasy sports regulation in the US presented by VW Partner Kevin Vela at the SBC Summit Americas in May 2025.

In this blog, we discuss why C corps remain the best choice for startups seeking venture capital and explore recent court decisions that have made Delaware a less obvious choice for incorporation, prompting companies to consider alternatives like Texas and Nevada.

In 2024, VW saw a sharp rise in pay-to-play financing rounds, reflecting tougher conditions for both startups and investors. While the market experienced corrections in valuations, early-stage venture funding remained strong and Safe notes remained the dominant financing tool.

If you’re a founder or an early employee at a startup, equity compensation is likely a significant part of your financial upside. However, the promise of equity can come with a maze of tax implications. Enter the 83(b) election: a relatively simple IRS filing that can save you thousands (or even millions) in taxes down the road. Despite its importance, many people overlook it—sometimes to their detriment.

Venture financings are at a two-year low, which is predictable given the current state of the economy. But startups need capital even during downtimes, so bridge rounds tend to increase. Here are a few tips for navigating bridge rounds in a down funding environment.

In this blog, we explain the key similarities and differences between convertible notes and post-money Safes so you can understand the nuances between convertible instruments before you get to the negotiation table.