Back in May, venture capital firm Andreessen Horowitz (a16z) held a ‘Crypto Regulatory Summit’ to deliberate over the proliferation of cryptocurrencies in the U.S. economy. The California-based firm is trying to address the regulatory uncertainty that surrounds cryptocurrency projects. Several officials from the Treasury Department and other regulatory agencies attended the event, according to a report by the
Wall Street Journal.
The Securities and Exchange Commission considers most cryptocurrencies as securities. An example of the SEC’s outlook on digital assets is the recent
lawsuit against Kik Interactive after it raised $100 million via an initial coin offering (ICO).
At the summit held by Andreessen Horowitz, co-founder Marc Andreessen discussed how blockchain and cryptocurrency could be modeled to build an online payments system instead of the legacy set-up. “Eighty percent of the things people hate about the internet today would not be problems,” Andreessen said.
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