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- Andreessen Horowitz executives are set to discuss regulating the future internet with lawmakers.
- Web3, as the firm calls it, comprises blockchain, cryptographic protocols, digital assets, DeFi, and social media.
- "It's time to build a better internet" and begin thinking of regulatory strategy, the firm said.
Executives from the legendary venture capital firm Andreessen Horowitz are headed to Washington D.C. this week to discuss the future of crypto and blockchain regulation, CNBC reported Wednesday.
Andreessen Horowitz told CNBC that Anthony Albanese, chief operating officer of the firm's crypto segment; Katie Haun, a general partner and former federal prosecutor; and others will meet with top White House leaders, executive agencies, regulators, and members of Congress to discuss how to regulate the future of the internet.
The firm, which often goes by a16z, did not name the legislators, however.
The firm dubs the future internet "web3," a place where blockchain, cryptographic protocols, digital assets, decentralized finance, and social platforms, are held, according to the company's "Agenda for the Future of the Internet," posted on its website.
"Due to the breadth and impact of web3, defining every aspect of an enlightened policy and regulatory strategy is a task too large and too important for any single organization to tackle on its own. But it's time to begin. It's time to build a better internet," the agenda says.
Web3 is the "solution" to problems in Web 2.0 that lawmakers are still trying to figure out how to deal with, and it's critical they start working on how to regulate the new version now, CNBC wrote, quoting a16z Global Head of Policy Tomicah Tillemann.
The meetings in Washington, D.C., comes as the US Securities and Exchange Commission, Federal Reserve, White House, and lawmakers have been mulling how to regulate cryptocurrencies and digital assets.
In its report, a16z urged the US to "establish an overarching national strategy to foster the development of world-class, decentralized digital solutions," as the future of the internet will allow for broader economic opportunity.
As Insider previously reported, the Silicon Valley firm, founded in 2009, has been working to make crypto mainstream. It now has $3.1 billion dedicated to crypto funds, according to its website. A representative from the firm did not immediately respond to Insider's request for comment.