A duo of heavy-hitting Silicon Valley venture capital firms has asked US regulators to take an industry-friendly approach to initial coin offering (ICO) regulations. The Wall Street Journal reports that representatives from Andreessen Horowitz and Union Square Ventures met with high-ranking officials at the US Securities and Exchange Commission (SEC) on March 28.
The VC firms, which were joined by lawyers from Cooley LLP, Perkins Coie LLP, and McDermott Will & Emery LLP, asked the agency’s Division of Corporation Finance to give them “formal assurance” that the SEC would not crack down on ICO tokens in which they have invested. Andreessen Horowitz and Union Square Ventures have long been two of Silicon Valley’s most prolific cryptocurrency investors.
Andreessen, whose motto is “Software is Eating the World,” has invested in numerous ICOs, as well as industry businesses such as Coinbase and OpenBazaar.