Popularly known for investing in innovative companies, Andreessen Horowitz hosted a private event in May assembling the financial watchdogs of Washington in order to persuade them to be more considerate toward cryptocurrencies. Andreessen Horowitz has invested in a number of projects including several blockchain and cryptocurrency-related projects.
According to the Wall Street Journal, officials from the Securities and Exchange Commission [SEC], the Treasury Department, the Commodity Futures Trading Commission [CFTC] were a part of this event, along with cryptocurrency companies.
Facebook’s dramatic entry into the crypto-verse with Libra put cryptocurrencies in the spotlight. The escalating tension between Facebook and financial watchdogs worried projects that support Libra. Andreessen one of the founders of the venture capital firm has been a board member of Facebook for a long time now.
Furthermore, the venture capital firm urged regulators to lighten up with cryptocurrency-related regulations. But, as per the Wall Street Journal, the undersecretary of the Treasury Department pointed out that the pliability of cryptocurrency exchanges with AML rules still needs advancement. The regulators seemed very cautious as former CFTC chairman J. Christopher Giancarlo emphasized on the need for regulations in the crypto sphere.
Additionally, the regulatory experts of the Wall Street Journal labeled the event “unusual”, in spite of several encounters of the regulators and crypto companies in the past.