Crypto-Friendly Former Congressman Patrick McHenry Joins A16z as a Senior Advisor

Former U.S. House Financial Services Committee Chair Patrick McHenry (R-N.C.), who retired in January, has joined Andreessen Horowitz (a16z) as a senior advisor.

McHenry introduced his new function on the Silicon Valley-based enterprise capital agency in a Wednesday X submit. McHenry was the performing Speaker of the House for a few weeks in 2023 after former Speaker Kevin McCarthy was ousted.

“For too long, D.C. has created barriers for startups and emerging companies. It’s time to level the playing field and ensure that Little Tech – the next generation of builders – gets a fair shot. As a policy maker, I promoted solutions that removed bureaucratic barriers for American entrepreneurs. At [a16z] I am eager to continue that work and ensure policymakers understand why innovation needs room to thrive,” McHenry wrote.

McHenry spent the previous couple of years of his 20-year profession in Congress advocating for the crypto business and constructing a basis for a long-awaited crypto regulatory framework. He co-sponsored the Financial Innovation and Technology for the twenty first Century Act (FIT21) — a market construction invoice that, if handed, would give the Commodity Futures Trading Commission (CFTC) extra energy to supervise the crypto business. He additionally labored with Rep. Maxine Waters (D-Calif.) on bipartisan stablecoin laws.

Read extra: Patrick McHenry, the Lawmaker Who Built a Foundation for U.S. Crypto Legislation

Earlier this month, McHenry joined funds large Stripe as a senior advisor.

A16z was one of many largest funders of crypto-friendly tremendous PAC Fairshake within the final election cycle, contributing roughly $70 million. It’s already devoted $116 million for the subsequent election cycle.