Former House Financial Services Committee Chair Republican Patrick McHenry, who was instrumental in advancing crypto bills, is joining Silicon Valley-based venture capital firm a16z. 

The former North Carolina lawmaker said he would be joining the firm as a senior advisor in a post on X on Wednesday morning.

"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 said. "As a policymaker, 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 retired earlier this year after leading efforts to advance crypto legislation out of his committee, including one bill he worked on with top Democrat Rep. Maxine Waters, D-Calif., to regulate stablecoins. 

McHenry also previously led efforts to help the House pass a bill called the Financial Innovation and Technology for the 21st Century Act, dubbed FIT21. The bill would have granted more power and funding to the Commodity Futures Trading Commission to oversee crypto spot markets and "digital commodities," particularly bitcoin and set parameters for the Securities and Exchange Commission. At the time, seventy-one Democrats voted in support of the bill, including former Speaker of the House Rep. Nancy Pelosi of California. 

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