The former Twitter CEO Jack Dorsey suggested that Web3 is under the control of the venture capital industry, particularly the venture capital firm Andreessen Horowitz, an early Facebook backer and a Web3 advocate. It was reported that representatives from the firm visited Capitol Hill in November to try and influence regulation around Web3.
“You don’t own Web3. The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label,” the CEO of Block (the payments company formally known as Square) tweeted.