a16z Hires Patrick McHenry: Former Congressman Joins as Advisor

Patrick McHenry Joins Andreessen Horowitz as Senior Advisor

Patrick McHenry, who previously served as a congressman representing North Carolina, has announced his new position with the venture capital firm Andreessen Horowitz (a16z). He will assume the role of senior advisor within the organization.

Focus on Startup Advocacy

McHenry’s announcement, made via his X account, indicated his primary responsibility will involve advocating for startups – referred to by a16z as “little tech” – before policymakers. Andreessen Horowitz has not yet publicly commented on the appointment.

A Two-Decade Congressional Career

Prior to this transition, McHenry dedicated two decades to service in Congress, concluding in January. During his tenure, he chaired the House Financial Services Committee.

Previous Conflicts with the SEC

He gained prominence, in part, through pointed exchanges with Gary Gensler, the current chairman of the Securities and Exchange Commission (SEC). These interactions often centered on regulatory approaches.

SEC Scrutiny of Crypto Exchanges

Gensler and the SEC had drawn criticism, particularly within the cryptocurrency sector, for initiating legal action against exchanges such as Coinbase and issuing threats of litigation to others, including Robinhood. Recent developments suggest a shift, with the SEC currently withdrawing some of these suits and investigations.

Criticism of "Regulation by Enforcement"

During a September hearing, McHenry voiced strong concerns, stating, “Under Chair Gensler, the SEC has become a rogue agency.” He further accused the SEC chair of employing a strategy of “regulation by enforcement.”

a16z's Expanding Government and Policy Influence

Andreessen Horowitz, having raised $7.6 billion for crypto and web3 technologies by 2022, has been actively increasing its presence in policy and governmental spheres. Brian Quintenz, who leads policy for a16z’s crypto team, is currently awaiting Senate confirmation to head the Commodity Futures Trading Commission (CFTC).

Further a16z Personnel in Government Roles

The firm’s influence extends further, with Sriram Krishnan, a former general partner at a16z, now serving as a senior policy advisor within the White House. Scott Kupor, a managing partner at the firm, has been selected to lead the Office of Personnel Management.

Advisory Roles and New Hires

Additionally, Jamie Sullivan, an investor at a16z, is reportedly providing guidance to the DOGE project. Andreessen Horowitz’s American Dynamism practice, focused on supporting startups in defense and government technology, is also actively expanding its team.

Recent Addition to the American Dynamism Team

Most recently, the practice added former Marine Daniel Penny as an investor, demonstrating a continued commitment to bolstering its expertise in these critical areas.