Silicon Valley backers of digital currencies have sought an exemption from regulatory oversight that they argue would slow the growth of the industry, write Gabriel T. Rubin and Dave Michaels for The Wall Street Journal.

Venture capital firms Andreessen Horowitz and Union Square Ventures met with Securities and Exchange Commission officials in March, according to people familiar with the matter. They argued that regulation could slow innovations in the blockchain technology that underpins virtual currencies such as bitcoin.