Marc Andreessen Co-Founder of Andreessen Horowitz (A16z), said that cryptocurrencies could solve some of the internet’s biggest challenges.
The Wall Street Journal reported on Sept. 1, Andreessen made his statements at private event organized by A16z. Officials from the United States Treasury Department and other financial regulators was at the said event.
Crypto is similar with the internet
Andreessen restated the popular comparison between cryptocurrencies and the internet as per the report. He mentioned that the internet started as an information-sharing network for computer scientists then became the world’s information and commerce hub.
Comparing to the internet’s evolution, Andreessen believes cryptocurrencies could evolve and bring solutions to some of the internet’s most crucial problems such as privacy concerns. If U.S. regulators will issue a less strict form of regulation.
Christopher Giancarlo the former chairman of the Commodity Futures Trading Commission (CFTC), stated that cryptocurrency regulations should not be overlooked.
“Some of the things you learned from your older VCs, this won’t transfer.”
If regulators will categorize cryptocurrencies as securities. Andreessen Horowitz could face regulatory issues or may lose money, as per The Wall Street Journal.
Andreessen Horowitz has also invested in firms that could be unicorns if crypto regulation were to become more relaxed, according to the report.
Kevin Werbach a scholar at the University of Pennsylvania who also attended the conference said:
“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.”