State of Crypto 2023: Spotlight on crypto policy

a16z crypto policy & regulatory teams

The internet is one of the most important innovations and engines of progress in human history, yet it is failing the people who rely on it most: consumers, creators, developers, and small businesses. Control – over decisions, data, and more – is consolidated among a handful of big platforms, which unilaterally make decisions on behalf of users; change the rules suddenly on builders; extract prohibitive fees from creators; exercise outsized control over consumer data; and more. 

To share what’s at stake, we’ve put together a quick spotlight – building on our annual State of Crypto Report on the impact of blockchains for policymakers considering the future of emerging technology innovation, markets, and competitiveness for the U.S. The spotlight sets context for the why, what, and how of web3; shares relevant data; and offers guiding principles to ensure policymakers can meet their goals of protecting consumers, providing a path to compliance, and ensuring innovation.

Blockchains have not only emerged as a credible solution; they also represent an important new computing movement that opens up new opportunities and use cases well beyond web3. But despite the potential of this industry – one in five U.S. adults have purchased crypto – critical regulatory guidance has been lacking. And despite some recent progress, there’s much more work left to do. By crafting clear and practical rules, the U.S can foster innovation, ensure its lead globally, and unlock future progress for all. 

Download the report


Contributors & acknowledgements (listed alphabetically): Miles Jennings, Michele Korver, Daren Matsuoka, Collin McCune, and Brian Quintenz. With special thanks to Paul Cafiero, Hoang Nguyen, David Sverdlov; and editors Sonal Chokshi & Stephanie Zinn. 


The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the current or enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; a16z has not reviewed such advertisements and does not endorse any advertising content contained therein.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at

Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see for additional important information.