Former House Financial Services Chair Patrick McHenry Joins a16z as Senior Advisor
Patrick McHenry, the former Chair of the House Financial Services Committee, has joined Andreessen Horowitz (a16z) as a senior advisor. The North Carolina lawmaker, known for pushing pro-crypto legislation, announced his new role in a post on X on Wednesday.
McHenry’s Legacy in Crypto Legislation
- Led efforts to regulate stablecoins, collaborating with Rep. Maxine Waters (D-CA) on a bipartisan bill.
- Championed the Financial Innovation and Technology for the 21st Century Act (FIT21), which aimed to:
- Empower the CFTC to regulate crypto spot markets.
- Define digital commodities like Bitcoin while clarifying SEC oversight.
- Received bipartisan support, with 71 Democrats, including Nancy Pelosi, voting in favor.
Why McHenry’s Move to a16z Matters
- a16z is one of the biggest venture capital firms in crypto, heavily invested in blockchain startups and Web3.
- McHenry believes Washington has created barriers for emerging tech companies, stating:
- “It’s time to level the playing field and ensure that Little Tech—the next generation of builders—gets a fair shot.”
- His presence at a16z suggests closer collaboration between policymakers and crypto innovators, potentially shaping future regulations from the private sector’s perspective.
Regulatory Shifts and Industry Impact
- McHenry’s transition signals a broader trend of policymakers moving into crypto advisory roles.
- His insider knowledge of Congress could help a16z and its portfolio companies navigate upcoming regulations.
- With crypto lobbying efforts increasing, this move may further influence Washington’s stance on digital assets.
The Bottom Line: A Strategic Move for Crypto Policy Influence
With McHenry now advising one of crypto’s biggest VCs, expect a more aggressive push for regulatory clarity in Congress and federal agencies. His deep ties in Washington could accelerate industry-friendly policies, giving crypto firms a stronger voice in shaping U.S. regulation.
Former House Financial Services Chair Patrick McHenry has joined a16z as a senior advisor after leading crypto legislation efforts in Congress. His move strengthens a16z’s influence in regulatory discussions, potentially shaping future crypto policies from the private sector’s perspective.
