Category Archives: Union Square Ventures

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Congressman Invites Crypto CEOs to Capitol Hill for SEC Legislation Talks

A US congressman has invited 32 prominent representatives of the cryptocurrency industry to Washington in order to discuss future ICO legislation.

Warren Davidson, the Republican representative for Ohio is to discuss measures to be introduced by the Securities and Exchanges Commission (SEC) this coming autumn after discussions between the Commission and Davidson’s office.

Davidson sits on The United States House Committee on Financial Services, which is responsible for overseeing the entire financial services industry, including the securities, insurance, banking, and housing industries.

Those representatives of the industry invited to Capitol Hill for the September forum are listed as Andreessen Horowitz, Circle, CME Group, Coin Center, CoinList, Harbor, Intercontinental Exchange, Kraken, Nasdaq, Ripple, Union Square Ventures and some others.

Congressman Davidson describes the meeting as design to offer a “light touch” to current ICO regulation before the new bill goes to US Congress later this year. He commented:

“I intend to lead legislation for initial coin offerings to clarify the role of regulators, protect consumers, address national security concerns, and facilitate a pro-growth environment for businesses to raise capital.”

The forum is an interesting development, in the sense that until now there has been little direct interaction between the SEC and leaders from within the cryptocurrency industry. Although Davidson is not actually a member of the governments’ regulatory body, his subcommittee on the United States House Committee on Financial Services does oversee SEC work and has significant influence.

The congressman is thought to be discussing existing issues within the industry in the forum, such as unsuccessful ICOs and the difficulties of some to go public, along with the formulation of clearer rules to cover the diversity of tech companies entering the market.

Another factor which is sure to be raised by the industry representatives gathered on September 25th is SEC requirements and rules, as they apply to the cryptocurrency industry as a whole.

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Union Square Ventures to Tap Into Potential Trillion-Dollar Crypto Future

The New York-based venture capital firm, Union Square Ventures has announced new investments, including US exchange Coinbase, writes CNBC.

In a week when a competing venture capital firm, Andreessen Horowitz, announced its first-ever fund dedicated to crypto companies, Managing Partner at Union Square Ventures, Albert Wenger has said his company won’t take the same route, stating, “We see a lot of upside to keeping it under the same roof.”

Although the company has no plans to create a separate fund as some of its VC competitors have, it sees big profits in the future:

“Investors are rationally pouring a lot of money into this sector because I think people are seeing the winning blockchain here might be worth a trillion, or a couple of trillion dollars,” Wenger said. “It’s not at all crazy to think that.”

Wenger says that he sees the real profits being generated from putting resources into supporting applications rather than the apps themselves, agreeing with Apple co-founder Steve Wozniak that early investors in similar ventures may beat the risk of another bubble burst, this time blockchain style. Wenger admits that many projects are doomed to failure but the odd one if it is successful, can be huge.

Wenger referred to scams and failed ICOs, which have amounted to over 1,000 this year does the industry little good:

“You’ve had a series of ICOs where investors have purchased at steep discounts — the second it starts trading those investors cash out, they make a handsome return, and someone else is left to hold the bag,” he said adding that interesting projects are succeeding on far fewer funds.

Wenger admits to personally holding Bitcoin and his company has invested over the year watching its value drop by 60%. As for the future of the market, he feels investing in only one currency would be a mistake:

“The stuff that actually works will float to the top,” he said. “It might take a while, but time will tell.”

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