Leading venture capital firm Andreessen Horowitz (a16z) has sharply criticized the Biden administration for its approach to the cryptocurrency industry, and revealed its reasons for supporting former President Trump.
In the latest development, the two founders of a16z, Ben Horowitz and Marc Andreessen, publicly expressed disappointment with the way the Biden-Harris administration operates and promulgates regulations for the cryptocurrency industry. encode.
Accordingly, a16z believes that current policies are stifling innovation and growth in the cryptocurrency market, and putting the US at risk of falling behind in the global financial technology race.
Deep disagreement with the SEC and support for Trump
The focus of the two founders of a16z 's speech was criticism aimed at the US Securities and Exchange Commission (SEC). Accordingly, a16z believes that the SEC has not provided clear guidance on how to classify digital assets, causing more than 30 companies in a16z 's portfolio to become entangled in litigation with the SEC.
“Lawsuits, even when unsuccessful, cause enormous financial pressure for startups,” Horowitz emphasized.
In addition, a16z also criticized the Biden administration for vetoing legislation to repeal Personnel Accounting Bulletin (SAB) 121, a regulation that makes it difficult for banks to hold cryptocurrency on behalf of customers. row.
“The authorities seem to be trying to isolate the cryptocurrency industry from the traditional financial system,” Andreessen said.
Notably, a16z also revealed the reason for supporting former President Donald Trump in the 2020 election. Accordingly, a16z believes that the Trump administration has a more "innovation-friendly" approach, creating favorable conditions. beneficial to the development of the cryptocurrency industry.
a16z 's comments have sparked debate about the Vai of governments in regulating the cryptocurrency market. Should the government take a more open approach to promoting innovation or need stricter regulations to protect consumers? This is an open question and will certainly be hotly discussed in the near future.
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