a16z executives will go to Washington to lobby the US government on how to regulate web3

According to US media news, venture capital firm A16z will send several executives to Washington this week to tell the leaders of Congress and the White House why they should regulate the next generation of the Internet. Anthony Albanese, chief operating officer of a16z Crypto, and Katie Haun, general partner and former federal prosecutor, will be among the executives who will travel to meet government stakeholders this week.

The a16z Crypto team stated that these meetings will include “the top leaders of the White House, executive agencies, regulators, the House of Representatives and the Senate.”

a16z’s full name is Andreessen Horowitz, a well-known venture capital company in Silicon Valley, who has invested in many technology companies, including Airbnb, Facebook, Lyft and Slack. The company announced three funds dedicated to encryption and web3, totaling $3.1 billion.

a16z is a major investor in encryption and other technologies that rely on a decentralized model and constitute the so-called web3. In a report released on Wednesday by a16z, web3 is defined as “a set of technologies that include blockchain, encryption protocols, digital assets, decentralized finance, and social platforms.”

Although policy makers are still struggling to solve the problems of Web 2.0, a16z believes that looking to the future can help solve these problems while preparing for future challenges.

Tomicah Tillemann, director of global policy at a16z, said in an interview: “Web3 represents an alternative to the frankly broken digital status quo.” “Web3 is an alternative, and it is the solution we have been waiting for. The solution. It is a response to the challenges that have emerged in web2. For this reason, it is absolutely critical that policy makers begin to take the necessary steps to solve this problem.”

In a report released on Wednesday, a16z suggested that these new technologies could provide a safer digital infrastructure and promote economic opportunities. The report urges policy makers to formulate national strategies for these technologies, determine appropriate regulations based on the risks of different types of products, and consider cross-institutional cooperation to supervise outside the Securities and Exchange Commission.

According to Tomicah Tillemann, one day it may make sense for a new organization to manage this emerging technology.

“In the short term, institutions like the Consumer Financial Protection Bureau are well suited to address some of the fraud and consumer protection issues raised by policymakers in this area,” he said. “In the long run, there may be a good case for creating a regulatory framework suitable for the purpose of the 21st century.”

According to Tomicah Tillemann, the first step is to ensure that policy makers are aware of the upcoming challenges. He said: “There is hardly any field in determining the long-term success of a country in the 21st century. The quality of the digital infrastructure is more important.” “Now in the United States, not only did we lose the game, but many of our policymakers didn’t even realize that there was a competition. It’s unclear.”

Tillemann said that web3 regulation is not just about cryptocurrency, it also includes discussions about non-fungible tokens (NFT), internet connections, and data storage. “We should also realize that this is much broader than simple digital assets…this is about the future of the Internet.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/a16z-executives-will-go-to-washington-to-lobby-the-us-government-on-how-to-regulate-web3/
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