When the sword of Damocles looms over DeFi under US regulation, the world's largest crypto venture capital firm a16z is launching a desperate counterattack that concerns the life and death of the industry. The outcome of this game will determine the fate of millions of crypto users' assets.
Recently exposed documents show that a16z crypto has submitted an urgent letter to the US Treasury Department, issuing a strong warning about the just-passed (GENIUS Act). This top venture capital firm managing hundreds of billions of dollars in assets stated that if decentralized stablecoins are brought under regulation, it will stifle the innovative lifeblood of the entire crypto industry.