a16z points out loopholes in the definition of\collateral assets\in the draft Cryptocurrency Regulation Bill "
According to online reports, venture capital firm Andreessen Horowitz (a16z) issued an open letter to the U.S. Senate Banking Committee proposing changes to the latest draft cryptocurrency regulation bill. The company pointed out that there are loopholes in the definition of "ancillary assets" in the bill that may harm investor rights. A16z recommends adopting a "digital goods" regulatory framework, retaining existing Howey test standards, and recommends adopting decentralized control mechanisms to prevent insider transactions. At the same time, the company maintains that basic technical operations of the blockchain system (such as consensus algorithms, mining, pledges and smart contract execution) should not be classified as regulated financial activities.
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