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Venture capital Andreessen Horowitz promotes crypto policy in Washington

Venture capital firm Andreessen Horowitz will send a few executives to Washington, DC this week to tell Capitol Hill and White House leaders why they should regulate the next generation of the Internet.

Commonly known as a16z, the company relies on a decentralized model and is a major investor in cryptography and other technologies that make up what is called web3. Anthony Albanese, chief operating officer of a16z Crypto, and Katie Haun, general partner and former federal prosecutor, will be one of the executives traveling to meet government stakeholders this week, the company told CNBC exclusively. ..

It’s not clear which officials executives will meet, but the a16z Crypto team said these meetings would include “top leaders in the White House, executive agencies, regulators, the House of Representatives, and the Senate.”

Andreessen Horowitz is a well-known venture capital firm in Silicon Valley, investing in successful technology businesses such as: Airbnb, Facebook, Lyft And Slack. The company hasn’t disclosed how much investment has been made so far, but has announced three funds totaling $ 3.1 billion for crypto and web3.

The team drives Andreessen Horowitz’s vision for successful next-generation web regulation. The agenda of the report, released Wednesday, defines web3 as “a group of technologies covering blockchain, cryptographic protocols, digital assets, decentralized finance and social platforms.”

Policy makers are still working on Web 2.0 issues that are widely characterized by the rise of social networks, but a16z says it can solve these issues by looking to the future while preparing for future challenges. thinking about.

“Web3 represents a frank alternative to the current digital state of affairs,” Tomicah Tillemann, head of global policy at a16z, told CNBC in an interview Tuesday. “Web 3 is an alternative and the solution we’ve been waiting for. It’s a response to the challenges that come from web 2. So it’s imperative that policy makers start taking the steps they need to get. This right. “

Tillemann, who told CNBC that he owns cryptocurrencies primarily in Bitcoin and Ethereum, pointed out current issues such as industry integration and data breaches.

In an agenda released Wednesday, a16z suggests that these new technologies can provide a more secure digital infrastructure and promote economic opportunities. The report helps policy makers to develop national strategies for these technologies, determine appropriate regulation based on the risks of different types of products, and work with the Securities and Exchange Commission as well as between agencies to regulate. We encourage you to consider doing so.

Tillman said that one day it might make sense for a new institution to govern this up-and-coming technology class.

“In the short term, there are institutions like the Consumer Financial Protection Bureau that are very good at addressing fraud and consumer protection concerns expressed by policy makers in this area,” he said. rice field. “In the long run, there will be very good cases for creating a regulatory architecture suitable for 21st century objectives.”

Still, changes in Washington often move slowly. Congressmen have spent years trying (and failing) to pass basic digital privacy legislation, while lagging behind Europe and many US states.And some progressive groups say they like digital players Amazon, Apple, Facebook When Google Courts and regulators have relied on outdated interpretations of the law, and have accumulated too much power. However, these companies say they are facing sufficient competition.

But the first step is to make sure that policy makers are aware of the challenges ahead, says Tillemann.

“There will be few areas more important than the quality of digital infrastructure in determining the long-term success of a country in the 21st century,” he said. “And now it’s unclear not only that the United States is losing this competition, but that many policy makers are even aware that the competition is underway.”

NS Debate this summer However, this technology has helped lawmakers to draw attention to the tax reporting requirements for the cryptocurrency industry in infrastructure packages. Officials have flooded lawmakers’ telephone lines asking them to revise what they saw as problematic words in the bill that overwhelmed the industry.

But Tillemann said web3 regulation is more than cryptocurrency. It also includes a description of non-fungible tokens (NFTs), internet connectivity, and data storage.

“We also need to be aware that this is much more than just a digital asset,” says Tillemann. “This is about the future of the Internet.”

-CNBC’s Ylan Mui contributed to this report.

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See: That’s why China’s crypto mining crackdown could help Bitcoin

Venture capital Andreessen Horowitz promotes crypto policy in Washington

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