Andreessen Horowitz (a16z) has urged U.S. lawmakers to amend a proposed crypto regulation bill, warning that its 'ancillary asset' framework may create dangerous loopholes undermining investor protections. In a letter to the Senate Banking Committee, a16z criticized the draft and recommended clearer 'digital commodity' regulations, emphasizing the need to address gaps between primary and secondary markets and advocating for exemptions tied to decentralization milestones.