Andreessen Horowitz (a16z) is urging the U.S. Senate to amend the Digital Asset Market Structure Bill (CLARITY), raising concerns about potential loopholes. The venture capital firm believes the current definition of "ancillary assets" is ambiguous and clashes with the established "Howey Test" used in securities law. In a letter to the Senate Banking Committee, a16z argues this ambiguity could negatively impact investor protection. They advocate for the removal of the "ancillary assets" concept and the establishment of clearer, more well-defined regulatory standards for digital assets. The House-passed bill aims to provide a framework for regulating the digital asset market. However, a16z's critique highlights the need for careful consideration and refinement to ensure effective and investor-friendly regulations for the burgeoning crypto industry in the United States. ```