PANews December 16 News, according to CFTC reports, a16z submitted comments to the CFTC regarding the President’s Working Group (PWG) on Digital Assets report, advocating: First, clarify that “Protocols (blockchains and smart contracts)” that meet certain conditions do not require registration through no-action letters/explanatory guidance; second, provide no-action letters/guidance for “Apps (front-end interfaces)” with limited functionality and user qualifications, recognizing that they do not trigger registration obligations for FCM, IB, DCM, SEF, etc., and clarify compliant practices for ECP and domestic/international user authentication; third, develop rules or exemptions to offer innovative exemptions or customized registration pathways for Apps that do not meet the second condition. a16z also pointed out that previous enforcement confused Protocol and App functions, leading to uncertainty that suppresses innovation in the US.
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