While the web3 ecosystem is still nascent, we’re already seeing the formation of a new internet economy that unlocks new opportunities for millions of people and enables participants to take control of their digital lives. President Biden’s Executive Order last week demonstrated that the U.S. government recognizes the importance of web3 in retaining our technological leadership in a world of increasing competition, and the importance of striking the right balance between fostering innovation and mitigating real risks going forward.
As we outline in the a16z crypto policy agenda, web3 is not a monolith. An effective regulatory framework must differentiate between currencies, applications, protocols, and other use cases. We’re committed to working constructively with policymakers and regulators to find this balance, as well as helping the category-leading web3 startups in our portfolio navigate a complicated and shifting regulatory landscape.
That’s why I’m thrilled to announce that Michele Korver will be joining a16z crypto as Head of Regulatory. It is hard to imagine someone better positioned to navigate and help shape the rapidly evolving web3 regulatory landscape.
There is a very good reason why Michele became known as the DOJ “crypto czar” – she has spent more than 25 years in government and law enforcement, starting her career in the Secret Service, and advancing to become one of the foremost federal prosecutors in crypto. She was the U.S. Department of Justice’s first dedicated subject matter expert in cryptocurrency-related prosecutions and forfeitures, and created and managed the Criminal Division’s Digital Currency Initiative. Over the past year, she served as Chief Digital Currency Advisor at the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) and worked across Treasury, advising on digital asset-related policy matters.
As I’ve gotten to know Michele, she’s consistently impressed me with her understanding of web3 and her unusually balanced approach to regulation. She is a highly-respected thought leader who’s passionate about the potential and importance of web3 technology, and has an unwavering commitment to weeding out bad actors in the space. She recognizes that regulators need a balanced approach that allows innovation to flourish, so we can build a better internet. In this new role, she’ll be dedicated to making that a reality, working with the builders of these innovative technologies to help them flourish in this still-developing regulatory space.
It takes a rare talent to build bridges between these stakeholders and turn their shared interests into beneficial regulation. We can’t wait for Michele to join the team and know that she will have a big impact on our portfolio companies and web3 as a whole.
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