Andreessen Horowitz, the venture capital firm, is sending executives to Washington, D.C., for this week’s meeting with leaders in Washington, D.C. and at the White House to discuss how to regulate the new generation of internet.

The firm is commonly called a16z and invests heavily in crypto and technologies that use decentralized models. According to the firm, Anthony Albanese will be the chief operating officer at a16z Crypto and Katie Haun who is a general partner and former federal prosecutor.

Although the team at a16z Crypto would not reveal which executives they would meet with, it said the meeting would be attended by “top White House officials, regulatory agencies, House leaders, House members, Senate and House staff.”

Andreessen Horowitz, a Silicon Valley VC firm that has invested in many successful technology businesses, is a well-known name. Airbnb Facebook LyftSlack. It has revealed three funds that are dedicated to cryptocurrency and web3, with a total of $3.1 billion. However, the company hasn’t disclosed how much it has invested.

This team will help promote Andreessen Horowitz’s vision of successful regulation for the next generation web. The team released Wednesday’s report, which defined web3 as “a collection of technologies that includes blockchain, cryptographic protocol, digital assets and decentralized finance.”

Although policymakers still struggle with Web 2.0 issues, as is evident by the growth of social media networks, a16z thinks that looking forward can solve these problems and prepare for the future.

Tomicah Tillemann (global head of policy, a16z), said Tuesday that Web3 is the solution to a broken digital system. Web3 is the answer, the solution we were waiting for. This is the answer to the web2 challenges. Policymakers must take steps now to ensure that this happens.

Tillemann told CNBC that he has cryptocurrencies. Most notably, ethereum and bitcoin. He also pointed out current problems like industry consolidation, data breaches and other issues. Blockchain advocates believe this can be addressed by decentralizing the technology.

The Wednesday agenda published by a16z indicates that these technologies could offer more security and economic opportunities. According to the report, policymakers are urged to devise a national strategy and to establish appropriate regulations that reflect the risk associated with different products. They should also consider working together across agencies in order to extend their regulatory authority beyond the Securities and Exchange Commission.

Tillemann suggested that someday, it may make sense to establish a new agency for the regulation of this class of emerging technologies.

His statement was that “in the short-term there are agencies such the Consumer Financial Protection Bureau which are well suited to address some of the consumer protection and fraud concerns that have been raised by policymakers within the space.” “In the long term, there may be a strong case for creating a regulatory framework that can serve its purpose in 21st-century.”

But Washington moves slow. While federal lawmakers spent many years trying to (and failing!) to pass basic legislation regarding digital privacy, they lag behind the European Union and other U.S. states. Many progressive groups agree that digital players should be regulated. Amazon Apple FacebookAnd GoogleBecause courts and regulators used outdated interpretations of law, they have been able to accumulate too much power. However, these companies assert that they have ample competition.

Tillemann said that policymakers must be aware of these challenges as a first step.

He stated that “there are probably few areas more important in determining the long-term success or failure of a country” in 21st century. The United States currently is losing the race in digital infrastructure. It’s also unclear whether many US policymakers are aware of this competition.”

It debate this summerThe legislation did not include a requirement for cryptocurrency companies to report on their tax. However, the fact that there was a tax reporting requirement in the infrastructure package helped bring this technology to the attention of lawmakers. Concerned constituents called the lawmakers asking for help to correct problematic language in legislation that could unduly burden their industry.

Tillemann stated that web3 regulation goes beyond cryptocurrencies. The discussion also covers non-fungible tokens (NFTs), internet connection and data storage.

Tillemann added that it is more than just digital assets. “This is about what the internet will look like in the future.”

Ylan Mui from CNBC contributed to the report.

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