Barely ahead of the snails, U.S. lawmakers are considering cryptocurrency regulation

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Image Credits: TechCrunch

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This week, the United States government took a long-awaited first step towards complete regulatory clarity for the digital asset space in the form of a new bipartisan Senate bill. While crypto bulls insist it’s still early for the industry, it’s still early for US regulators – the bill is not expected to be implemented until next year.

hello and welcome back to Chain reaction a podcast where we unpack and explain the latest crypto news, drama and trends, breaking it down into blocks for the curious crypto.

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The proposed legislation, sponsored by Senators Cynthia Lummis and Kirsten Gillibrand, could be a significant win for crypto companies due to its relatively lenient provisions if it is eventually passed. This would relieve much of the industry from the Securities and Exchange Commission’s (SEC) tight scrutiny, instead classifying cryptocurrencies as commodities that should be regulated by the Commodity Futures Trading Commission (CFTC). We discussed some of the specific provisions of the mining bill, the DAO, and more.

This week we also discussed much more negative news from the industry – layoffs, suspension of hiring and cancellation of job offers from some of the major players in cryptocurrency, including Coinbase and Gemini, founded by the Winklevoss twins from the movie The Social Network. a shame. (In case you’re wondering what the Winklevies are up to these days, in addition to launching their crypto exchange, we also have a weird update on that.)

Our guest: partner Andreessen Horowitz Shriram Krishnan

Joining us this week is a16z, an investor who recently raised the largest cryptocurrency venture capital fund. Sriram Krishnan talked to us about how scaling a cryptocurrency startup is like starting a social media company. He also shared his thoughts on why he thinks venture capitalists subsidizing start-up companies to attract users is a smart and important strategy.

Episodes of the Chain Reaction podcast air every Thursday at 12:00 pm PT. Follow us at Apple, Spotify or your alternative podcast platform to keep up with us every week.

https://techcrunch.com/2022/05/25/amid-crypto-downturn-a16z-debuts-4-5-billion-web3-mega-fund/


Credit: techcrunch.com /

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