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Executives from Andreessen Horowitz will seek to advise US policymakers on crypto and Web 3.0 standards.
Anthony Albanese, chief operating officer of Andreessen Horowitz’s (a16z) crypto division, and Katie Haun, general partner at the firm, are part of a high-powered delegation from the venture capital firm that will meet with lawmakers and administration officials in the United States to discuss cryptocurrency regulations.
According to CNBC on Wednesday, the move is part of efforts by the Silicon Valley-based VC outfit to promote favorable regulation of the emerging Web 3.0 ecosystem.
Speaking to CNBC, a16z global policy chief Tomicah Tillemann decried the broken state of the current Web 2.0 status quo. According to Tillemann, Web 3.0 offers an alternative to the challenges posed by the issues in today’s internet.
In a Web 3.0 policy document issued on Wednesday, the VC firm argued for better regulatory standards for the new internet paradigm, stating, “The easiest way to lose out on all of this potential is to treat web3 as if it were a monolith,” adding:
“Policymakers should focus on calibrating regulatory activities to the specific applications and their associated risks. Treating all digital assets the same is like having a single regulatory framework for stocks, real estate, cars, art, watches, and trading cards. We need policy that’s fit for purpose.”
A16z’s current lobbying efforts for digital technology and Web 3.0 come amid concerns that stringent policy measures could stymie America’s ability to establish itself in the expanding digital economy.
Policymakers in Washington have made some negative comments about cryptocurrency, with the prevailing rhetoric being that digital assets require more regulatory oversight.
Indeed, earlier this year, a16z joined the fight against plans to enact stringent regulatory measures aimed at self-hosted crypto wallets.
In August, a16z co-founder Marc Andreessen referred to cryptocurrency as a “fundamental technological breakthrough.”
As previously reported, the Silicon Valley venture capital firm launched the largest crypto venture fund at the time, valued at $2.2 billion. Since then, the fund has grown to a $3.1 billion valuation.