Leading venture capital firm, Andreessen Horowitz (a16z), has disclosed that it will be sending some of its executives to speak with prominent leaders in White House and Capitol Hill this week to urge them to regulate the next generation of the internet, Web3.
CNBC reported today that a16z revealed that some of its delegates that will be meeting with regulators this week will include its Chief Operating Officer for Cryptocurrencies Anthony Albanese and general partner, Katie Haun.
Notably, the team will be tasked with promoting the firm’s vision as it concerns regulating the next generation of the web.
Andreessen Horowitz did not indicate the identities of the government stakeholders its delegates will be meeting with. However, it stated that its crypto team will meet with top officials at the “White House, executive agencies, regulators, House, and Senate.”
Despite authorities still trying to tackle web 2.0 issues, which has led to the significant rise of social networks, Andreessen stated that moving ahead could provide the necessary fix for the problems.
A16z Pushing to Protect Its Web3 & Crypto Investment
The firm’s push to seek regulation of web 3.0 is understandable, considering the fact that it has invested heavily in web3 and cryptocurrencies in recent times.
So far, a16z has created three funds valued at $3.1 billion for web3 and cryptocurrencies, including the $2.2 billion fund launched earlier this year to invest in crypto-related projects.
While it has not officially disclosed how much it has invested in crypto and web3-related projects since the launch of the fund, Andreessen Horowitz has made significant investments in popular firms in sectors including Facebook, Airbnb, Axie Infinity, and CoinSwitch, among others.
A16z May include Crypto Regulations
It is expected that Andreessen’s delegates that will be meeting with government officials this week, may also urge government officials to consider providing regulation for the cryptocurrency industry, based on the firm’s definition of web3.
According to Andreessen, web3 includes “a group of technologies that encompasses blockchain, cryptographic protocols, digital assets [cryptocurrencies], decentralized finance and social platforms.”
Calls to Regulate the Crypto Industry
For years, several cryptocurrency enthusiasts have urged the government to provide regulation for the crypto industry to promote compliance.
However, the relevant authorities have still not responded to the unending calls to regulate the industry.
Last month, Coinbase founder Brian Armstrong called on the government to provide regulatory clarity after it was threatened with a lawsuit by the SEC should it proceed to launch its crypto lending product.