a16z: ”U.S. regulatory uncertainty paves the way for a surge in speculative meme coins”

Silicon Valley venture capital firm Anderson Horowitz (a16z) cited "uncertainty in US cryptocurrency regulations" as the cause of the meme coin boom this year.
According to reports, Andersson Horowitz said in a cryptocurrency status report that "the uncertainty surrounding the regulation of global virtual assets, including in the United States, has long been unresolved.
"This paved the way for a surge in speculative meme coins," they said, although they noted that crypto asset usage has recently reached record levels.
In relation to this, "Blockchain activity has increased significantly recently," and "as of September, 220 million addresses had used the technology at least once."
This is a three-fold increase from the end of 2023," he said. "The main reason for this growth rate is the widespread use of stablecoins pegged to existing currencies such as the dollar."
"Stablecoins have reached a whole new level of product-market fit," he added.