Former House Financial Services Chair Patrick McHenry Joins Andreessen Horowitz
Patrick McHenry (R-N.C.), who previously served as the Chair of the U.S. House Financial Services Committee, has embarked on a new chapter in his career following his retirement in January. He has officially joined the esteemed venture capital firm Andreessen Horowitz (commonly known as a16z) as a senior advisor.
McHenry made the announcement via a post on X on Wednesday, sharing his enthusiasm for the new role. Notably, he briefly held the position of acting Speaker of the House in 2023 after the unexpected ousting of former Speaker Kevin McCarthy.
“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,” McHenry stated. He emphasized his commitment to promoting solutions that dismantle bureaucratic obstacles for American entrepreneurs, adding, “At [a16z], I am eager to continue that work and ensure policymakers understand why innovation needs room to thrive.”
Throughout the latter part of his two-decade tenure in Congress, McHenry emerged as a strong advocate for the cryptocurrency industry, laying the groundwork for a long-awaited regulatory framework in this rapidly evolving sector. He was instrumental in co-sponsoring the Financial Innovation and Technology for the 21st Century Act (FIT21), a significant market structure bill aimed at empowering the Commodity Futures Trading Commission (CFTC) with enhanced oversight capabilities over the crypto industry. Additionally, he collaborated with Rep. Maxine Waters (D-Calif.) to foster bipartisan legislation focused on stablecoins.
In a notable move earlier this month, McHenry also took on the role of senior advisor for the payments giant Stripe, further solidifying his influence in the financial technology space.
A16z has made headlines for being one of the largest contributors to the crypto-friendly super PAC Fairshake during the last election cycle, with a substantial investment of approximately $70 million. Looking ahead, the firm has already committed $116 million for the upcoming election cycle, highlighting its strong support for innovation in the tech sector.
