Andreessen Horowitz’s co-founder Marc Andreessen has come out to claim that cryptocurrencies have the potential to solve a couple of the internet’s biggest challenges.
On Sept. 1, the Wall Street Journal reported that Andreessen spoke to the United States Treasury Department officials and financial regulators during the venture capital firm’s private conference.
Crypto resembles internet
One of the popular distinguishing element between cryptocurrencies and the internet that Andreessen reiterated in the report was that internet commenced as a computer scientists’ information-sharing network before it evolved into the world’s information as well as a commerce hub.
According to him, if U.S. regulators adopt a less stringent form of regulation, cryptocurrencies- just like the evolution of internet- are able to bring about solutions that solve crucial problems like privacy.
The former Commodity Futures Trading Commission chairman Christopher Giancarlo has come out to warn stakeholders not to take the cryptocurrency regulation lightly, saying: “Some of the things you learned from your older VCs, this won’t transfer.”
The Wall Street Journal also stated that Andreessen Horowitz and other investors risk facing compliance issues or even losing money if regulators choose to classify cryptocurrencies as securities.
However, if crypto regulation could become more relaxed, Andreessen Horowitz might choose to invest in growing firms.
One University of Pennsylvania technology scholar Kevin Werbach in attendance at the conference stated as follows:
“It wasn’t something they did purely out of altruism. […] Everyone understands they are investors in the space and have viewpoints about what the regulatory environment should look like.”
Nevada authorities recently told Bitcoin (BTC) and cryptocurrency ATMs to comply with the present rules and acquire a licensing scheme.