a16z "Cryptocurrency that endured the regulatory war has won"

▲ Bitcoin (BTC), Cryptocurrency Regulation, U.S. Congress / AI-generated image

The resilience of the cryptocurrency industry, which has endured the U.S. government's regulatory offensive, has emerged as a persuasive argument influencing Washington politicians.

According to U.Today on August 6 (local time), Andreessen Horowitz (a16z) co-founder Marc Andreessen stated on the a16z crypto show that the resilience of the crypto industry, which has withstood regulatory pressure, is changing lawmakers' perceptions. Andreessen said, “At the time, the White House administration was determined to eliminate the cryptocurrency industry,” and “they chose prosecution over regulation and declared war on the industry.”

Andreessen reported that the congressional atmosphere has changed as cryptocurrency technology and the industry have survived despite intense pressure. He revealed that he heard from some lawmakers, “If cryptocurrency didn’t die even when we tried to eliminate it, it must be a good industry, so we will support it now.” He added, “It’s the most backward way to positively evaluate something, but I’ll accept it.”

However, Andreessen believes that a change in political perception alone is not enough. He emphasized the need for a stable and permanent regulatory framework for cryptocurrencies, just like stocks and bonds, highlighting the importance of the U.S. crypto market structure bill currently being discussed in the Senate. He explained that without clear rules, illegal foreign operators would grow, while U.S. companies trying to comply with regulations would be at a disadvantage.

Andreessen cited the collapse of the overseas cryptocurrency exchange FTX as a prime example of a regulatory vacuum. He said, “We must ensure that people’s money is not stolen, and unidentified operators running from yachts somewhere offshore should not become market winners.” He further emphasized, “We are not asking for subsidies or protectionist trade, but a permanent framework to conduct business responsibly.”

He also refuted claims that cryptocurrency fosters illicit finance. Andreessen reported that national security officials he met expressed opinions suggesting that criminals and terrorists would rather use blockchains where transaction traces remain. The survival of the crypto industry, which has withstood regulatory pressure, is broadening political support, and a16z has presented the establishment of permanent market rules within the U.S. as the next challenge.

[Article Summary]

-a16z co-founder Marc Andreessen stated that the resilience of the crypto industry, which has endured regulatory offensives, is changing the perceptions of U.S. lawmakers.

-Andreessen emphasized the need for a permanent cryptocurrency regulatory framework, similar to stock and bond markets, to prevent incidents like FTX.

-Regarding concerns about illicit finance, he countered that the fact that transaction traces remain on the blockchain could be helpful for investigations and national security.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*