Andreessen Horowitz lobbying financial watchdogs to loosen crypto regulations

Reessen Horowitz, a venture capital company focused on crypto innovation, brought several Washington regulators together to promote crypto adoption and discuss regulation.

Now, the venture fund is leading the way in crypto innovation.

Following its success in the traditional startups, the Silicon Valley firm launched a $300 million fund for crypto investments, spearheading the crypto revolution.

A report from The Wall Street Journal revealed that alongside its hefty investments, the company is quietly working on improving crypto regulations in the U.S. According to the Sept. 2 report, the company held a full-day, private conference in San Francisco in late May, where they brought together Washington regulators and heads of major crypto and blockchain projects.

Regulators still not convinced about the benefits of crypto.

Sources present during the meeting revealed that it was attended by officials from the U.S. Department of Treasury, the Securities and Exchange Commission, and the Commodity Futures Trading Commission, as well as some of the largest crypto firms.

As promising as the meeting looked, it seems like it will take more than one sit-down to convince Washington's financial watchdogs to loosen up on crypto.

J. Christopher Giancarlo, who was chair of the Commodity Futures Trading Commission said he warned Andreessen Horowitz that regulation of crypto could not be brushed aside, Wall Street Journal reported.

The Treasury Department's undersecretary for terrorism and financial intelligence said that crypto startups need to focus more on compliance with global AML regulations, indicating that the industry still has a long way to go before watchdogs are more accepting toward cryptocurrencies.

Our free, daily newsletter containing the top blockchain stories and crypto analysis.