Top executives at the venture capital giant Andreessen Horowitz (a16z) believe that the United States is now on the verge of embracing the crypto industry.
In a new company blog post, a16zcrypto’s Miles Jennings, general counsel, Michele Korver, regulatory head, and Brian Quintenz, head of policy, say that the outcome of the November 5th US election is favorable for digital assets.
“We’re very optimistic that the government will now foster innovation, accelerate progress and enable the crypto ecosystem to thrive in the US.”
Voters not only elected pro-crypto Republican Donald Trump as president, but also Republicans won a senate majority in US Congress and possibly – votes are still being counted – a Republican majority in the House. Republicans are largely viewed as being 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 U.S. Securities and Exchange Commission (SEC), currently chaired by Gary Gensler, has also come under criticism for filing lawsuits against industry players like top US crypto exchange Coinbase, alleging that they engaged in the illegal sales of securities.
The three executives at a16zcrypto believe that the US will now likely adopt new regulations on crypto that will help the industry flourish.
“The good news is that there is now a pathway for constructive engagement with regulatory agencies and legislation that can bring regulatory clarity…
The future of crypto in the US is bright – it’s the perfect time to build here, and we’re excited about the possibility for regulatory clarity to finally come.”
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