A16z, one of the leading venture capital funds, has made some suggestions regarding crypto regulation in the UK. Managers feel that regulators should be more privileged "for companies beyond the ocean".
In an open letter to the British Ministry of Finance, a16z made the following statements:
"The currently planned non-uniform approach to crypto-asset regulation is not in line with Treasury's principles."
The venture capital fund used these words in reference to a consultation document released in February. Company executives want a regulation that stays away from the "uniform" view, emphasizing that the regulations already planned by policy makers will lead to inequality.
Praise from Crypto Manager!
Brian Quintenz, a16z's crypto policy manager, made a statement on Twitter:
1/ @a16zcrypto submitted our response to the UK @HMTreasury "Future Financial Services Regulatory Regime for Cryptoassets" consultation. We enthusiastically embrace the UK's approach for a "proportionate and focused, agile and flexible," regime. 🧵. . https://t.co/rT85Xfd8so
— Brian Quintenz (@BrianQuintenz) May 1, 2023
Quintenz did not neglect to praise the good side of the business, emphasizing that the UK authorities allow for free tokens distributed by DeFi initiatives. A16z executive, a former member of the US Commodity Futures Trading Commission CFTC, criticized the ambiguous crypto policy in his country.
