Former North Carolina Congressman Patrick McHenry has announced that he is joining venture capital firm Andreessen Horowitz (a16z) as a Senior Advisor. McHenry, who spent 20 years in Congress before retiring in January, will be advocating for startups with policymakers in his new role.
McHenry's post on X, a social media platform, provided little detail about his new position, but it is likely that he will be leveraging his experience in Congress to help a16z-backed startups navigate the complex world of policy and regulation. As Chairman of the House Financial Services Committee, McHenry was a vocal critic of Securities and Exchange Commission (SEC) Chair Gary Gensler, accusing him of "regulation by enforcement" and calling the SEC a "rogue agency."
McHenry's appointment is the latest in a series of moves by a16z to increase its influence in government and policy circles. The firm has raised $7.6 billion in funds dedicated to crypto and web3 technology as of 2022, and has been actively embedding itself in the policy world. Earlier this month, Brian Quintenz, who leads policy for a16z's crypto team, was appointed to head the Commodity Futures Trading Commission (CFTC). Additionally, Sriram Krishnan, a former general partner at a16z, is now a White House senior policy advisor, and Scott Kupor, one of the firm's managing partners, was tapped to lead the Office of Personnel Management.
a16z's burgeoning American Dynamism practice, which backs startups in defense and government tech, is also expanding its team, with the recent addition of former Marine Daniel Penny as an investor. The firm's growing presence in government and policy circles is likely to give it significant influence in shaping the regulatory landscape for startups and emerging technologies.
The appointment of McHenry, a well-connected and experienced politician, is a significant coup for a16z. His ability to advocate for startups with policymakers will be invaluable in helping the firm's portfolio companies navigate the complex world of regulation and policy. As a16z continues to grow its influence in government and policy circles, it will be interesting to see how McHenry's appointment shapes the firm's strategy and approach in the coming months.
It's worth noting that McHenry's appointment comes at a time when the SEC, under Chair Gensler, has been dropping lawsuits and investigations against crypto exchanges like Coinbase and Robinhood. The crypto world has been critical of Gensler's approach, and McHenry's appointment may signal a shift in the regulatory landscape for crypto and web3 technologies.
As a16z continues to expand its influence in government and policy circles, it will be important to watch how the firm's growing presence shapes the regulatory landscape for startups and emerging technologies. With McHenry on board, a16z is well-positioned to advocate for its portfolio companies and shape the policy conversation around innovation and entrepreneurship.