Katie Hahn, a partner at Andreessen Horowitz, said the United States needs to consider what it shouldn’t do to China when considering how to regulate the crypto industry.
“This is an opportunity for the United States. You should think about the exact opposite of what China is doing,” Houn, a former federal prosecutor who helped manage Andreessen Horowitz’s crypto investments, said Wednesday. Said to. Rice Field. CNBC’s Delivering Alpha conference.
Earlier this year, China created its own digital currency, the digital yuan. It is managed by the People’s Bank of China. The purpose of this currency is to replace some of the cash in circulation. China is conducting real-world testing of digital currencies in several cities including Shenzhen, Chengdu and Suzhou.
By design, bitcoin and cryptocurrencies are not controlled by central authorities such as banks or governments, and crypto enthusiasts generally say that this is the only reliable method.
Huan predicted that China would “trade, lend, and inevitably add other support for the use of stablecoins.” It is a type of digital currency that is often backed by a currency. Some have linked the timing of the launch of the digital yuan to Beijing’s renewed efforts to crack down on the broader crypto market.
Hone said the United States has so far taken the right approach to central bank digital currencies (CBDCs).
“I am glad that we are studying as a national CBDC, but we have publicly stated that we will continue to study as a country for a few years,” she said. “I think it’s really important for American policymakers and the private sector to work together.”
Hone also participated in regulatory debates in the United States, saying that it is a “myth” that players in the crypto industry oppose all regulations.
“It’s not that the industry doesn’t want regulation,” Hone said. “It wants clarity, but also doesn’t want it to be treated as a monolith.”
As an example, Hone described a digital collection of non-fungible tokens, or NFTs.
“Why should it be regulated as a financial product or service? I don’t think we should,” said Hawn, who was asked to investigate bitcoin as a prosecutor. “Regulations can’t cover everyone in one size.”
Hone said the SEC was disappointed with his idea that it was trying to penalize crypto companies like Coinbase. Coinbase, which counts Han as a board member, recently scrapped plans to introduce debt products after CEO Brian Armstrong disclosed that he had received a Wells notice from the SEC.
Hone said that some people in the industry are punished for “sincere efforts” and others who are circumventing rules and regulations “actually get a free pass.”
Look: Andreessen Horowitz’s Katie Crackdown on China’s New Crypto Fund