Former Congressman Patrick McHenry, who spent the last few years of his political career advocating for the crypto industry, announced through an X post on Feb. 26 that he is joining venture capital firm a16z as a senior adviser.
McHenry added, “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, who retired in January 2025 after 20 years as a representative, became an open, high-profile supporter of cryptocurrency later in his time in Washington, D.C.
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Source: Patrick McHenry
He co-sponsored the Financial Innovation and Technology for the 21st Century Act (FIT21), which, if passed, would increase regulatory clarity surrounding digital assets. It also seeks to enhance consumer protection. In addition to his work on FIT21, McHenry also pushed for a bill that would regulate stablecoins in the United States. He is the former Chair of the House Financial Services Committee.
Notably, he clashed with former SEC chairman Gary Gensler over the latter’s attempt to classify Ether (ETH) as a security. In a sharply worded statement, McHenry wrote that Gensler “knowingly misled Congress when pressed on the classification of #ETH” and calling out the SEC’s habit of “regulation by enforcement.”
A16z, based in Silicon Valley, is known for its investments in emerging technology companies. It has allocated capital to Airbnb, Coinbase, Facebook, Instagram, GitHub, Oculus, Roblox, and Slack, among others. It is also a funder of the crypto-focused Fairshake super PAC, contributing approximately $70 million.
Fairshake’s contributions to help elect pro-crypto candidates in the 2024 election, which totaled around $130 million, paid off as well, with industry group Stand With Crypto saying roughly 270 pro-crypto candidates had been elected to Congress in 2024.
