According to CNBC on Wednesday, the move is part of efforts by the Silicon Valley-based VC outfit to promote favorable regulation of the emerging Web 3.0 ecosystem.
Speaking to CNBC, a16z global policy chief Tomicah Tillemann decried the broken state of the current Web 2.0 status quo. According to Tillemann, Web 3.0 offers an alternative to the challenges posed by the issues in today’s internet.
In a Web 3.0 policy document issued on Wednesday, the VC firm argued for better regulatory standards for the new internet paradigm, stating, “The easiest way to lose out on all of this potential is to treat web3 as if it were a monolith,” adding:
“Policymakers should focus on calibrating regulatory activities to the specific applications and their associated risks. Treating all digital assets the same is like having a single regulatory framework for stocks, real estate, cars, art, watches, and trading cards. We need policy that’s fit for purpose.”
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A16z’s current lobbying efforts for digital technology and Web 3.0 come amid fears of stringent policy measures that industry stakeholders say could derail America’s ability to establish itself in the expanding digital economy.
Crypto has come in for some negative comments from policymakers in Washington, with the prevailing rhetoric being that digital assets require more regulatory oversight.
Indeed, a16z joined the push against plans to enact stringent regulatory measures targeted at self-hosted crypto wallets earlier in the year.
Back in August, a16z co-founder Marc Andreessen called crypto a “fundamental technological breakthrough.”
As previously reported by Cointelegraph, the Silicon Valley VC firm launched the largest crypto venture fund valued at $2.2 billion at the time. The fund has since grown to reach a $3.1 billion valuation.