📢 Gate广场专属 #WXTM创作大赛# 正式开启!
聚焦 CandyDrop 第59期 —— MinoTari (WXTM),总奖池 70,000 枚 WXTM 等你赢!
🎯 关于 MinoTari (WXTM)
Tari 是一个以数字资产为核心的区块链协议,由 Rust 构建,致力于为创作者提供设计全新数字体验的平台。
通过 Tari,数字稀缺资产(如收藏品、游戏资产等)将成为创作者拓展商业价值的新方式。
🎨 活动时间:
2025年8月7日 17:00 - 8月12日 24:00(UTC+8)
📌 参与方式:
在 Gate广场发布与 WXTM 或相关活动(充值 / 交易 / CandyDrop)相关的原创内容
内容不少于 100 字,形式不限(观点分析、教程分享、图文创意等)
添加标签: #WXTM创作大赛# 和 #WXTM#
附本人活动截图(如充值记录、交易页面或 CandyDrop 报名图)
🏆 奖励设置(共计 70,000 枚 WXTM):
一等奖(1名):20,000 枚 WXTM
二等奖(3名):10,000 枚 WXTM
三等奖(10名):2,000 枚 WXTM
📋 评选标准:
内容质量(主题相关、逻辑清晰、有深度)
用户互动热度(点赞、评论)
附带参与截图者优先
📄 活动说明:
内容必须原创,禁止抄袭和小号刷量行为
获奖用户需完成 Gate广场实名
Andreessen Horowitz warns of loopholes in draft crypto rules
Venture capital firm Andreessen Horowitz (a16z) is calling on US lawmakers to revise a draft crypto regulation bill, warning that the proposed framework could open dangerous loopholes and undermine investor protections.
In a Thursday open letter to the US Senate Banking Committee, the investment firm suggests that the regulators should close loopholes in the draft crypto legislation. The letter is a response to the discussion draft released in late July.
The discussion draft in question builds on the 21st Century Financial Innovation and Technology Act (CLARITY Act) and seeks industry input on the ongoing crypto regulation. A16z points to the definition of ancillary assets, referring to tokens sold with an investment contract that give buyers no equity, dividend or governance rights.
“The ancillary asset construct should not serve as the foundation for legislation without significant modifications,” the letter reads.
A16z pushes for “digital commodity” model
A16z said the current approach fails to resolve the core issues facing crypto markets and would be incompatible with the Howey test, the long-standing legal benchmark for defining securities.
The investment firm said this approach “will not resolve the challenges facing crypto market participants.” Instead, the firm recommends adopting the CLARITY Act’s narrower “digital commodity” framework, which it says would provide greater certainty while preserving regulatory simplicity.
A16z also claimed that “the Howey test remains a critical component of US securities law” and should remain in its current form. Its suggested solution is to “codify a modernized application suited to ancillary assets.”
It described the proposed changes to the Howey test as “unnecessary—and dangerous—because it seeks to rewrite Howey in a way that departs from settled law and undermines investor protections”:
Insider sales should be limited
A16z also said that applying securities law to primary transactions and commodity regulations for secondary transactions creates a loophole, allowing issuers to sell ancillary assets to insiders under exemptions, and then resell in the public market without falling under securities regulations.
As a solution, the investment firm suggested requiring the projects to achieve decentralization by eliminating mechanisms of control. Applying transfer restrictions through those means “can close loopholes that would otherwise arise,” the letter states.
According to a16z, this would also prevent insider enrichment at the expense of public investors and ensure that the distinction between the primary and secondary markets remains meaningful:
Related: Trump plans to pick a16z head of policy Brian Quintenz as CFTC chair: Report
A control-based decentralization framework
The firm suggests that regulators should adopt a control-based decentralization framework, which it says “is the appropriate way to evaluate the evolution of an ancillary asset’s risk profile.”
The letter explains that this approach “should be focused on whether any party retains unilateral authority—operational, economic, or governance—over the blockchain system.” This, according to the investment firm, should be considered when applying the Howey test:
Protect the plumbers, not the pipes
A16z further says that the US Securities and Exchange Commission’s (SEC) past focus on the “efforts of others” aspect of the Howey test “has created significant perverse incentives.”
It claims this leads to lower transparency, exposes users to undisclosed risks and stalls innovation. The letter also suggests that being involved with the technology at the basis of crypto should not infringe on securities law.
“Legislation should clarify that core technology functions necessary for the operation of decentralized blockchain systems — such as running consensus algorithms, mining, staking, and executing smart contracts — do not, in and of themselves, constitute regulated financial activity under U.S. securities or commodities laws,” the firm said.
Magazine: How crypto laws are changing across the world in 2025