Andreessen Horowitz publishes crypto-regulation principles for world leaders

The venture firm Andreessen Horowitz (a16z) published the article “10 Principles for World Leaders Shaping the Future of Web 3.0,” which includes proposals for regulating the cryptocurrency market.

The firm urged the creation of a clear vision for the development of decentralised digital infrastructure and targeted oversight regimes for different Web 3.0 activities, taking into account risks.

a16z believes that world leaders should expand access to the benefits of the innovative economy, unlock the potential of decentralised autonomous organisations, and recognise the role of stablecoins.

The fund’s experts urged multi-stakeholder approaches to regulation and governance, to provide clear tax rules for reporting on digital assets, and to deploy technical solutions to ensure compliance with the law.

The firm also emphasised the importance of Web 3.0 in achieving sustainable development goals and the need to co-operate with other countries to optimise regulation.

According to the publication, the recommendations were developed following discussions with stakeholders in the public and private sectors, as well as community representatives. The specific negotiating parties are not named.

“Policymakers and regulators in the United States need to understand that we are significantly behind in the ongoing race, which many of them apparently refuse to acknowledge,” said one of a16z’s partners and authors of the article, Tomika Tillemann.

In October 2021, Coinbase CEO Brian Armstrong proposed to U.S. authorities to establish a federal agency with powers over digital assets.

In December, Sarah Breeden, the Bank of England’s Director of Financial Risk, stated that the department should step up talks with international colleagues on regulating the cryptocurrency market.

Back in 2022, U.S. Senator Cynthia Lummis introduced a bill aimed at providing clarity on cryptocurrency regulation.

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