A16z partner: While cryptocurrency companies are in "regulatory purgatory", meme is thriving

Chris Dixon, general partner at Andreessen Horowitz (a16z), has expressed concern about the US regulatory system, questioning why meme has been able to thrive while cryptocurrency companies and blockchain tokens with useful applications have been "mired in regulatory purgatory" due to their potential classification as securities.
But my goal is not to defend or reduce meme coins, says Chris Dixon. It points to the absurdity of the U.S. regulatory regime that has allowed meme-only coins to thrive while crypto companies and blockchain tokens with more productive uses face obstacles. We see this every day when we work with entrepreneurs and startups. Any meme maker can easily create, launch or even automatically list tokens. But do entrepreneurs want to create something that lasts? They're in regulatory purgatory.