Chris Dixon, founder of a16z Crypto, recently discussed his views on stablecoin regulation and the need for further clarity from the US government. Noting that the cryptocurrency market in general has begun to overcome many of the previous technical hurdles, or "gates," he said, in the current market, "there are two major constraints, one is infrastructure and the other is policy clarity." While many analysts claim that big investors are not paying attention to application layer start-ups, Dixon disagrees: "Over the past few years, at least half of our investments have been in the application layer. However, the problem is that they can't build what they want because of the fear of getting mired in legal battles for the next five years." He said a "real renaissance and unlocking" is possible as new entrepreneurs, new apps and developments in the digital asset space bring new ideas. The infrastructure is already there, but the lack of regulatory transparency is holding back the industry as a whole. Dixon argued that rather than chasing high-profile cases, it is better to have a regulatory policy that prioritizes transparency and provides a path for benign players, while eliminating "scammers" and other malicious players, "first for consumers, but second for the industry as a whole, and if we don't solve this problem, FTX-like problems could arise."