Key Notes
- McHenry championed several key crypto bills in Congress, including the Financial Innovation and Technology for the 21st Century Act which received bipartisan support despite opposition.
- The appointment comes as a16z intensifies its policy influence through initiatives like its Policy Accelerator Program designed to connect tech entrepreneurs with policymakers.
- This strategic hire aligns with broader industry efforts to shape favorable regulations, with McHenry vowing to "level the playing field" for startups and emerging companies.
Silicon Valley venture capital company Andreessen Horowitz (a16z) has brought on former House Financial Services Committee Chair Patrick McHenry as a senior advisor for technology policy.
The move, which McHenry shared via his official X account on Wednesday morning, comes just a few weeks after his retirement from the US. Congress. During his time at the Congress, McHenry was very instrumental in making sure that curyptocurrency laws moved forward in the country.
Excited to share that I’m joining @a16z as a Senior Advisor! Technology is the future of economic growth, and I’m eager to help innovators navigate the policy landscape so they can build.
— Patrick McHenry (@PatrickMcHenry) February 26, 2025
A Legacy of Crypto Advocacy Makes a Great Addition
The introduction of the former US. representative into the firm’s chain of leadership may seem sudden, but it is hardly random. This is because, given his professional background, McHenry is a strong fit for a16z’s efforts to shape tech-friendly policies in Washington. This is especially relevant as the firm has been increasing its involvement with regulators in recent years, particularly in the areas of cryptocurrency and blockchain technology.
Furthermore, the former chairman himself is no stranger to the cryptocurrency community. As one of the most influential voices in Congress on crypto regulation, he worked closely with Rep. Maxine Waters to develop legislation on stablecoins.
He also co-sponsored the Financial Innovation and Technology for the 21st Century Act (FIT21). Interestingly, the proposal, which sought to clearly define regulatory oversight for cryptocurrency in America, saw strong bipartisan support , with even former Speaker Nancy Pelosi backing it. All these happened while tĥe bill faciled serious opposition from figures like former President Biden and SEC’s immediate past Chair Gary Gensler.
With such extensive knowledge of financial policy, McHenry will undoubtedly be a valuable addition to a16z. More so, given the timing, which coincides with the US lawmakers trying to figure out how to enforce laws that will serve as a protective guardrail for the digital economy.
Again, his statement on X shows his continued commitment to building an innovative approach for cryptocurrency laws. He wrote:
“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.”
a16z Strengthens Its Policy Strategy with McHenry’s Appointment
Meanwhile, McHenry’s move to a16z comes at a time when the crypto industry has been getting more involved in politics. If nothing else, the 2024 US elections was a testament to this fact. Major crypto entities, including Coinbase, invested largely into campaigns as the industry hoped to influence legislation favourable to digital assets.
It appears that a16z has also been actively increasing its policy influence, and McHenry’s appointment is another clear sign of that strategy. The firm, which manages around $45 billion in assets, recently launched its Policy Accelerator Program. This was in hopes that the program would help to facilitate collaboration between tech entrepreneurs and policymakers.
By adding the former Republican senator McHenry, it is clear that a16z is stepping up its efforts to ensure that Washington takes the demands of the tech industry into consideration while it pushes for more lucid regulations.
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