a16z Crypto Urges CFTC to Clarify Blockchain Protocol Rules

According to Odaily, a16z Crypto has called on the U.S. Commodity Futures Trading Commission (CFTC) to promptly clarify the rules surrounding blockchain protocols and applications to protect developers. In August, the CFTC launched the 'Crypto Sprint' initiative aimed at providing regulatory guidance and fostering innovation in the digital asset market. a16z Crypto believes the CFTC should explicitly state that blockchain networks, smart contract protocols, and their developers are not subject to registration requirements under the Commodity Exchange Act (CEA). Additionally, they advocate for the provision of no-action exemptions and/or interpretive guidance to clarify which applications do not require CFTC registration. Furthermore, a16z Crypto suggests formal rulemaking and/or exemption relief measures to establish safe harbors or innovation exemptions.