Venture capital firm Andreessen Horowitz (a16z) is planning to meet with leaders in Washington over regulation of the next generation of the internet, commonly known as Web 3.
- Several executives from the VC firm, which has a significant crypto fund in its portfolio, will tell policymakers at Capitol Hill and the White House why they should regulate Web 3, CNBC reported on Wednesday.
- A16z defines Web 3 as “a group of technologies that encompasses blockchain, cryptographic protocols, digital assets, decentralized finance and social platforms.”
- The firm’s executives will encourage policymakers to create a national strategy for these technologies, developing appropriate regulations for the full range of products and services beyond just those that would be regulated by the Securities and Exchange Commission.
- A16z recently outlined what it sees as the key issues in decentralized finance (DeFi), suggesting the areas in which the U.S government could govern crypto and blockchain.
- Tomicah Tillemann, a16z’s global head of policy told CNBC how blockchain technology can decentralize technology, the importance of which is highlighted by current issues with consolidation of data and security breaches.
- “Web 3 is the alternative, it is the solution we’ve been waiting for. It is the response to the challenges that have emerged out of Web 2,” he said, referring to the current internet paradigm of user-generated content hosted by social media networks. “And for that reason, it is absolutely critical that policymakers start to undertake the steps required to get this right.”
- A16z did not immediately respond to CoinDesk’s request for comment.
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