According to a report on Bijie.com on August 1st, renowned venture capital firm a16z called on US lawmakers to revise a draft crypto regulation bill, warning that the proposed framework could create dangerous loopholes and undermine investor protection. In an open letter submitted to the US Senate Banking Committee, a16z proposed changes to the draft amendment to the 21st Century Financial Innovation and Technology Act: 1. It opposes the current "affiliated assets" framework, arguing that it conflicts with the "Howey Test" of securities law and could weaken investor protection; it also recommends adopting clearer regulatory standards for "digital commodities." 2. It warns of loopholes in the primary/secondary market split regulation, suggesting that project owners could exploit exemptions to sell assets to insiders at low prices and then resell them on the public market; it also proposes using "degree of decentralization" as a regulatory threshold, requiring the relinquishment of control to lift trading restrictions. 3. It requests that activities related to blockchain-based technology, such as consensus algorithm operation and smart contract execution, be exempted from being classified as securities.