The angel investment and venture firm, Andreessen Horowitz has taken an unusual measure in the fight against Washington’s views on cryptocurrency. In order to secure its stake within the emerging industry, the VC buttered up officials from the Treasury Department and several regulatory agencies.
The Wall Street Journal says that the lavish event opened up with remarks from the company’s CEO who addressed the advent of the crypto space. Marc Andreessen went onto say that for him, digital currency offers a solution to some of the internet’s most significant issues, specifically those pertaining to privacy concerns.
Despite his greatest efforts, Andreessen’s move to persuade Washington towards cryptocurrency seems to have fallen on deaf ears. The former chairman of the Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo urged that regulation shouldn’t be undermined, suggesting that Andreesen was looking to subvert due diligence “Some of the things you learned from your older VCs, this won’t transfer.”
So why is this measure so unusual from the firm?
Regulatory experts called it so because the VC managed to gather such an illustrious audience. So while these types of gatherings are typical within the industry, they are usually seen by the public.
The executive director of the Global Financial Markets Center at Duke University, Lee Reiners believes that this is little more than an attempt to sway regulation.
“For one VC that has such a clear monetary interest in getting favorable regulatory treatment for crypto assets to host the event in a private, invite-only setting, it does strike me as unusual and untoward from a public standpoint.”
Nevertheless though, the private firm remains confident in its goal to clear some of the fog surrounding cryptocurrency regulation and with profits at stake, this is a stance which is unlikely to shift.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!