On August 1, CoinWorld reported that the well-known venture capital firm a16z urged U.S. lawmakers to amend the cryptocurrency regulatory bill draft, warning that the proposed framework may contain dangerous loopholes and undermine investor protection. a16z submitted an open letter to the U.S. Senate Banking Committee proposing amendments to the revised draft of the (21st Century Financial Innovation and Technology Act): 1. Opposes the current 'ancillary asset' framework, arguing that it conflicts with the 'Howey Test' of securities law and may weaken investor protections; suggests adopting a clearer 'digital commodity' regulatory standard. 2. Warns of regulatory loopholes between primary/secondary market separation, where project parties may exploit exemption clauses to sell assets at low prices to insiders before reselling in the public market; proposes using 'degree of decentralization' as a regulatory boundary, requiring relinquishment of control to lift trading restrictions. 3. Requests that activities related to blockchain foundational technology, such as consensus algorithm operation and smart contract execution, should not be classified as securities activities.