Comment from Andreessen Horowitz (a16z)

Summary: Andreessen Horowitz (a16z), a venture capital firm, argues that the proposed rule imposes overly broad and impractical requirements on payment stablecoin issuers, particularly regarding secondary market monitoring and the scope of the Sanctions Compliance Program. They advocate for a more tailored approach that clarifies definitions, limits obligations to direct customers, and provides a longer implementation period for new compliance programs.