a16z argues the U.S. still lacks a durable crypto framework
Andreessen Horowitz co-founder Marc Andreessen and a16z crypto founder and managing partner Chris Dixon published a dialogue post on the CLARITY Act, warning that failing to pass it would leave the industry building on regulatory "quicksand."
The post says stablecoins have already grown to a scale comparable to Visa network volume, but the current U.S. framework only covers stablecoins under the GENIUS Act. Blockchain networks themselves, along with the broader market, still lack a full federal regime, leaving institutional investment decisions in long-running uncertainty.
Andreessen: the industry wants permanent rules, not protection
Andreessen said the industry is not asking for subsidies or protectionism. It wants a permanent framework that allows companies to operate responsibly.
Dixon argued that the gray zone has encouraged a race to the bottom. U.S. companies that try to comply face high costs, while offshore rivals can sidestep regulation and undercut them with lower fees. In that environment, he said, ambiguity ends up helping bad actors.
The bill’s flash points: yield, developers and securities status
The article also responded to several objections to the bill. On stablecoin yield, it would bar interest payments on balances or any yield functionally equivalent to an interest-bearing account, while still leaving room for rewards tied to transaction activity.
On developer liability, the bill draws a line between knowingly assisting crime and publishing generic open-source software. The latter, the authors said, should not face unlimited downstream liability.
On securities status, the bill sets a risk-based framework tied to decentralization. Networks run by a core team in their early stage would fall under SEC-style securities regulation; once decentralization reaches a set threshold, oversight would shift to the CFTC as a commodity.
The post cites support from Goldman Sachs CEO David Solomon and the Fraternal Order of Police. It also warns that if the bill fails, regulatory responsibility will remain subject to agency discretion that can shift with each administration, and more crypto companies may choose to expand overseas.