Venture capital firm Andreessen Horowitz (a16z) has sent an open letter to the US Senate Banking Committee proposing changes to the latest draft cryptocurrency regulation bill. The company pointed out that the definition of "subsidiary assets" in the bill has loopholes that could harm investors' rights and interests.
A16z recommends adopting a "digital goods" regulatory framework, retaining existing Howey test standards, and suggesting decentralized control mechanisms to prevent internal transactions. At the same time, the company argues that the underlying technical operations of blockchain systems (such as consensus algorithms, mining, staking, and smart contract execution) should not be classified as regulated financial activities.
A16Z points out that there are loopholes in the definition of "affiliated assets" in the draft cryptocurrency regulation bill
2025-08-01 11:30:10
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