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 announced his new role at the Silicon Valley-based venture capital firm in a Wednesday X post. McHenry was the acting 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 last few years of his 20-year career in Congress advocating for the crypto industry and building a foundation for a long-awaited crypto regulatory framework. He co-sponsored the Financial Innovation and Technology for the 21st Century Act (FIT21) — a market structure bill that, if passed, would give the Commodity Futures Trading Commission (CFTC) more power to oversee the crypto industry. He also worked with Rep. Maxine Waters (D-Calif.) on bipartisan stablecoin legislation.

Earlier this month, McHenry joined payments giant Stripe as a senior advisor.

A16z was one of the largest funders of crypto-friendly harika PAC Fairshake in the last election cycle, contributing approximately $70 million. It’s already dedicated $116 million for the next election cycle.