Former Pro-Crypto Congressman Patrick McHenry Joins a16z as Senior Advisor

In a major move for the crypto and fintech sectors, former U.S. Congressman Patrick McHenry has joined Andreessen Horowitz (a16z) as a Senior Advisor. The longtime crypto advocate, who played a key role in shaping digital asset policy during his tenure in Congress, is now set to lend his expertise to one of the most influential venture capital firms in the industry.

McHenry’s Pro-Crypto Legacy

McHenry, a Republican from North Carolina, served in Congress for nearly two decades and became a leading voice for crypto-friendly regulation. As Chairman of the House Financial Services Committee, he spearheaded legislative efforts to create a clear regulatory framework for digital assets, pushing back against regulatory overreach from agencies like the SEC.

Notably, McHenry was instrumental in advancing the Financial Innovation and Technology for the 21st Century Act (FIT21)—a bill aimed at providing legal clarity for crypto firms operating in the U.S. His departure from Congress in 2023 left a gap in pro-crypto leadership, but his move to a16z signals continued advocacy for blockchain innovation from the private sector.

Why a16z?

Andreessen Horowitz has been at the forefront of crypto venture investing, with its a16z Crypto division backing projects like Uniswap, LayerZero, and dYdX. The firm has actively lobbied for pro-crypto regulations and has been vocal about the need for the U.S. to remain competitive in blockchain technology.

By bringing McHenry on board, a16z is reinforcing its commitment to bridging the gap between policymakers and the crypto industry. His experience navigating Washington’s regulatory landscape could prove invaluable as crypto regulation remains a hot-button issue ahead of the 2024 U.S. elections.

McHenry’s Role and Industry Reactions

As Senior Advisor, McHenry is expected to focus on regulatory strategy, policy engagement, and industry growth initiatives. His hiring has been met with positive reactions from crypto leaders, who see it as a strategic move to strengthen the industry’s voice in Washington.

Chris Dixon, head of a16z Crypto, praised McHenry’s addition to the team, stating:

“Patrick has been a champion for responsible crypto innovation, and we’re thrilled to have him on board as we continue shaping the future of decentralized technology.”

Meanwhile, industry advocates are hopeful that McHenry’s influence at a16z could help drive sensible crypto policies that promote innovation while ensuring investor protection.

McHenry’s transition from Congress to a16z underscores the growing intersection of crypto, venture capital, and policy-making. With regulators tightening their grip on the industry and the global crypto landscape evolving rapidly, his presence at a16z could play a pivotal role in shaping the next chapter of crypto regulation in the U.S.