A16z, the cryptocurrency arm of main enterprise capital agency Andreessen Horowitz, has introduced it has employed former CFTC commissioner Brian Quintenz to advise the corporate on crypto investing pointers.
Katie Haun, Basic Accomplice of Andreessen Horowitz, spoke in regards to the growth, saying the appointment is a part of a wider effort to make sure the corporate has regulatory and political assist.
“We’re grateful that Brian will be part of the workforce to assist our work on translating crypto for the political group. He understands each how crypto know-how works and the way the CFTC thinks about the issue. His means to translate between the 2 can be central to the success of a16z’s crypto coverage program and our portfolio corporations, “stated Haun.
In his new function, Quintenz will serve on lots of the former US federal regulators at present with Andreessen Horowitz, together with former Senior Advisor to President Biden Tomicah Tillemann, former Treasury Secretary Brent McIntosh, and former Securities and Alternate Commissioner Invoice Hinman.
Andreessen’s transfer in hiring such distinguished former regulators alerts that the enterprise capital firm is stepping as much as higher tackle the rising regulatory challenges within the U.S. cryptocurrency scene and to fulfill the extra aggressive calls for of U.S. regulators this 12 months.
SEC prepared to control crypto
Andreessen Horowitz is a number one enterprise capital agency that has invested in a number of massive cryptocurrency corporations together with Uniswap, Solana, Robin Hood, CryptoKitties, Coinbase, Earn.com, amongst others. In recent times, a16z, acknowledged as probably the most influential enterprise corporations on the earth, has made a number of investments within the cryptocurrency and decentralized finance (DeFi) house.
In Might, Andreessen Horowitz wished to lift a fund of as much as $ 1 billion from buyers to spend money on cryptocurrencies and crypto startups.
Quintenz’s hiring comes at a time when U.S. monetary regulators are contemplating regulating the fast-growing cryptocurrency sector.
U.S. monetary regulators put together to take a extra lively function in regulating the $ 1.5 trillion cryptocurrency market as considerations develop {that a} lack of correct oversight might hurt buyers and shoppers.
Earlier this month, the US SEC started investigating the most important DeFi alternate, Uniswap, to look at how buyers use the alternate and the way the platform is being marketed.
Two days in the past, Coinbase caught the SEC’s consideration. On Tuesday, September seventh, Coinbase CEO Mind Armstrong went public with the battle, saying the SEC had now selected his firm’s proposed mortgage product. Coinbase wish to carry a income producing product referred to as Coinbase Lend to market with common decentralized (DeFi) merchandise like Compound and. to compete Aave. However the SEC claims that the Coinbase Lend product is safety and would due to this fact sue Coinbase if it goes forward and begins the Lend program.
Coinbase Alternate and Uniswap Decentralized Alternate are a few of A16z’s most notable investments.
Picture supply: Shutterstock
