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Former CFTC commissioner in the United States, Brian Quintenz, has joined the company’s operations.
Cryptocurrency regulation has become an increasingly relevant subject in recent years. Andreessen Horowitz, a venture capital firm, has engaged a former leader of the United States Commodity Futures Trading Commission, or CFTC, to tackle these legal complexities in the middle of ever-changing regulatory waters.
“As part of our larger effort to make sure we have a world-class support system in place when it comes to policy and regulatory matters, I’m thrilled to announce that Brian Quintenz, a former Commissioner of the Commodity Futures Trading Commission, is joining as an advisory partner on the crypto team,” Andreessen Horowitz general partner Katie Haun wrote in a Thursday announcement on the a16z website.
The last year, in particular, has seen a lot of regulatory discourse both in the United States and around the world. The US Treasury sought to boost self-hosted crypto asset wallet surveillance in December 2020, and more recently, the US infrastructure bill included terminology that might put significant burden on the growing crypto market. Other nations have taken a variety of regulatory actions, as evidenced by their efforts against digital asset exchange Binance.
Andreessen Horowitz appears to have identified the current regulatory climate in the cryptocurrency industry and sought to provide assistance to the entities in its portfolio. “Our portfolio projects are innovating in previously unimagined ways, so our investment in them must be more than simply financial – we want to give them with a comprehensive spectrum of resources on their route to success,” Haun wrote in his blog post.
The CFTC and the United States Securities and Exchange Commission, or SEC, are two regulatory authorities that are frequently mentioned when legal norms collide with cryptocurrency. Haun wrote about the importance of having a previous regulatory head on hand:
“The CFTC plays a critical role as a federal regulator with jurisdiction over digital currencies, utility tokens, and other non-security commodities and Brian has long stood out as an innovative thinker in the crypto and DeFi space. He understands both how crypto technology works and how the CFTC thinks about the issue. His ability to translate between the two will be central to the success of a16z Crypto’s policy program and our portfolio companies.”
Other former U.S. government brass has also joined different crypto-involved outfits, such as Jay Clayton, who previously led the SEC as chairman.