We’re covering two trends in this week’s episode of “16 Minutes,” where we talk about the news, tech trends, and the long arc of innovation:
#1 FinCEN, the Treasury Department’s financial crimes enforcement arm, proposed a new rule targeting cryptocurrency holders’ ability to transact using self-hosted wallets. These are software applications for storing crypto that allow people to transact on the blockchain directly, rather than going through financial institutions. The rule would require banks and other financial businesses to keep records, and verify the identities not only of their customers but also — notably — their customers’ counterparties, or people with whom the customer transacts, in certain cases. (Full disclosure: a16z has publicly opposed this plan, and has said it plans to join others in the industry in challenging the rule in court. You can read more about our position here.) a16z General Partner Katie Haun and Operating Partner Anthony Albanese explain the rule and what impact it could have on crypto innovation.
#2 Amazon, Berkshire Hathaway, and JP Morgan Chase shut down their joint healthcare venture. Haven was touted as a potential game-changer for employee-funded health care plans and health costs in general, due to the combined resources of its three corporate sponsors, but it was disbanded after three years. We turn to a16z bio General Partner Julie Yoo for a quick check-in on what opportunities this project actually highlighted (including for startups). — with Zoran Basich
Katie Haun Kathryn (“Katie”) Haun is a general partner. Previously, she spent a decade as a federal prosecutor focusing on fraud, cyber, and corporate crime alongside agencies including the SEC, FBI, and Treasury. She created the government’s first cryptocurrency task force and led investigations...
Anthony Albanese is a Managing Partner and the Chief Operating Officer of a16z Crypto.
Julie Yoo is a General Partner on the Bio + Health team, focused on transforming how we access, pay for, and experience healthcare.
16 minutes is a short news podcast covering the top headlines of the week, separating what’s real from what’s hype.