Top executives of venture capital giant Andreessen Horowitz (a16z) believe that the United States is now on the cusp of embracing the crypto industry.
In a new company blog post, Miles Jennings, general counsel of a16zcrypto, Michele Korver, chief regulatory officer, and Brian Quintenz, chief policy officer, say the outcome of the November 5 US election is favorable for digital assets.
“We are very optimistic that the administration will now foster innovation, accelerate progress and allow the crypto ecosystem in the US to thrive.”
Voters not only elected the pro-crypto Republican Donald Trump as president, but the Republicans also gained a majority in the Senate in the US Congress and possibly – the votes are still being counted – a Republican majority in the House of Representatives. Republicans are largely seen as more supportive of digital assets than Democrats.
The industry has criticized the administration of current US President Joe Biden, a Democrat, for not passing clearer regulations on crypto. The US Securities and Exchange Commission (SEC), currently chaired by Gary Gensler, has also been criticized for filing lawsuits against industry players such as US cryptocurrency exchange Coinbase, alleging that they have engaged in the illegal sale of effects.
The three executives at a16zcrypto believe that the US is now likely to adopt new regulations for crypto that will help the industry thrive.
“The good news is that there is now an avenue for constructive engagement with regulators and legislation that can provide regulatory clarity…
The future of crypto in the US looks bright – it’s the perfect time to build here, and we’re excited about the possibility of regulatory clarity finally coming.”
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