Jack Dorsey and Marc Andreessen’s Cryptocurrency Dispute Puts Web3 at Risk

Jack Dorsey and Marc Andreessen’s Cryptocurrency Dispute Puts Web3 at Risk

Mr. Bankman-Fried, the founder of the FTX exchange, gave roughly $5 million to the Biden campaign during the last election and said he had already made “a number of donations” to midterm election campaigns. He isn’t planning to flex his considerable financial muscle on behalf of web3. Instead, he said, his concern is “pandemic preparedness.” Crypto, however, is not the only issue on every tech billionaire’s mind. “There’s a little bit of lazy thinking going on right now in some cases where people will just say, like, ‘Ah, you know, like everything’s going to be better in web3 land,’” he mused. “And I don’t know — some things will be. But you can’t just say the word web3 and then assume that makes things better.”

The debate that Mr. Dorsey sparked last month has continued online, though it appears he has begun to direct his attention elsewhere. On Thursday, he started a Bitcoin legal defense fund for developers who face “legal headaches,” and he said Block would get involved with mining Bitcoin. Proponents across the web3 ideological divide have been working to woo lawmakers. Venture capitalists are pushing policy proposals meant to influence officials to embrace web3. Believers in the revolution, like Mr. Selkis of Messari, have compiled lists of politicians to support. But the movement still appears to lack a unified front.

Andreessen Horowitz’s policy team has been looking beyond Washington, publishing proposals for global leaders on how to become “web3 republics.” What now?

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