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Crypto-Friendly Former Congressman Patrick McHenry Joins A16z as a Senior Advisor
McHenry announced his new role in a Wednesday X post, writing that he was “eager to help innovators navigate the policy landscape so they can build.”
Feb 26, 2025, 3:44 p.m.
Former U.S. House Financial Services Committee Chair Patrick McHenry (R-N.C.), who retired in January, has joined Andreessen Horowitz (a16z) as a senior advisor.
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McHenry announced his new role at the Silicon Valley-based venture capital firm in a Wednesday X post. McHenry was the acting Speaker of the House for a few weeks in 2023 after former Speaker Kevin McCarthy was ousted.
“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. As a policy maker, I promoted solutions that removed bureaucratic barriers for American entrepreneurs. At [a16z] I am eager to continue that work and ensure policymakers understand why innovation needs room to thrive,” McHenry wrote.
McHenry spent the last few years of his 20-year career in Congress advocating for the crypto industry and building a foundation for a long-awaited crypto regulatory framework. He co-sponsored the Financial Innovation and Technology for the 21st Century Act (FIT21) — a market structure bill that, if passed, would give the Commodity Futures Trading Commission (CFTC) more power to oversee the crypto industry. He also worked with Rep. Maxine Waters (D-Calif.) on bipartisan stablecoin legislation.
Read more: Patrick McHenry, the Lawmaker Who Built a Foundation for U.S. Crypto Legislation
Earlier this month, McHenry joined payments giant Stripe as a senior advisor.
A16z was one of the largest funders of crypto-friendly super PAC Fairshake in the last election cycle, contributing approximately $70 million. It's already dedicated $116 million for the next election cycle.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash & Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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