venture capital firm Andreessen Horowitz (a16z) has sent an open letter to the U.S. Senate Banking Committee regarding proposed amendments to the latest cryptocurrency regulatory legislation. The company points out that there are loopholes in the definition of "security tokens" in the bill, which could harm investors' interests. a16z suggests regulating under a "digital asset" framework, maintaining the existing Howey test standards, and proposing decentralized control mechanisms to prevent insider trading. At the same time, the company argues that the fundamental technical operations of blockchain systems (such as consensus algorithms, mining, staking, and smart contract execution) should not be classified as regulated financial activities.
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a16z points out loopholes in the definition of "affiliated assets" in the draft cryptocurrency regulation bill
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