A Silicon Valley-based venture capitalist is planning to meet with White House officials to discuss cryptocurrency regulations.
Investment firm Andreessen Horowitz, also known as a16z, is sending representatives to Washington to promote its vision on how digital assets should be regulated in the United States, according to a CNBC report.
Global head of policy for a16z Tomicah Tillemann says that due to the decentralized nature of cryptos, it could make sense to create new governmental agencies to regulate them beyond the scope of the U.S. Securities and Exchange Commission (SEC).
“In the short-term, there are agencies like the Consumer Financial Protection Bureau that are well suited to addressing some of the fraud and consumer protection concerns that have been voiced by policymakers in the space.
In the longer term, there probably is a very good case for creating regulatory architecture that is fit for purpose in the 21st century.”
According to Tillemann, the US is falling behind on regulating its digital infrastructure, a concern which he hopes the firm can bring to the attention of lawmakers.
“There are likely few areas that will be more consequential in determining the long-term success of a country in the 21st century than the quality of its digital infrastructure.
And in the United States right now, we’re not only losing this race, but it’s unclear that many of our policymakers even recognize that there’s a competition underway.”
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