A16z Proposes Decentralization-Friendly Oversight Regime for US Government

Specifically, a16z’s consumer protections proposal, filed in response to a call from U.S. Sen. Pat Toomey (R-Pa.) of the Senate Banking Committee, recommended creating a simple disclosure-based supervision regime under the Consumer Financial Protection Act. DAOs, meanwhile, are to be given similar legal rights to that of a standard incorporated entity including tax requirements, being allowed to open bank accounts and sign legal agreements.