Former House Financial Services Committee Chairman Patrick McHenry Joins a16z as Senior Advisor
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Patrick McHenry, a former North Carolina lawmaker, has announced that he will be taking on a senior advisor role at Silicon Valley-based venture capital firm Andreessen Horowitz (a16z). McHenry shared the news in a post on social media X on Wednesday morning.
McHenry, who has been instrumental in pushing cryptocurrency bills in the House, said his goal at a16z will be to level the playing field for startups and emerging technologies. He emphasized the need to reduce Washington D.C.’s bureaucratic hurdles for young businesses, while also affirming his commitment to supporting the next generation of companies to continue innovating.
“DC has created too many barriers for startups and emerging businesses. It’s time to level the playing field and ensure the next generation of small businesses have a chance to thrive,” McHenry said. “As a policymaker, I’ve worked to reduce those barriers. At @a16z, I look forward to continuing this work and making sure lawmakers understand why fostering innovation is so important.”
McHenry retired from politics earlier this year after working to push crypto-related bills through the House Financial Services Committee, which he previously led. One of his notable accomplishments was working with Rep. Maxine Waters, D-Calif., to craft a bill governing stablecoins – one of the hottest topics in digital finance today.
During his tenure, McHenry also led efforts to pass the Financial Innovation and Technology for the 21st Century (FIT21) Act through the House. The bill would expand the powers and funding of the Commodity Futures Trading Commission (CFTC) to oversee cryptocurrency and “digital commodity” markets, particularly Bitcoin, and set regulations new rules for the Securities and Exchange Commission (SEC). Notably, the bill has received support from 71 Democrats, including former House Speaker Nancy Pelosi.
McHenry’s move to a16z marks a shift from a lawmaker to an adviser to one of the leading investment firms in the technology sector, especially as regulation around cryptocurrencies and financial technology becomes increasingly important.
