The crypto arm of the venture capital giant Andreessen Horowitz (a16z) is shuttering its United Kingdom office as it shifts focus to the United States.
Anthony Albanese, a16z Crypto’s chief operating officer, says the firm has chosen to direct its energy toward the US “given the new administration’s strong policy momentum.”
“This doesn’t change our confidence in the UK’s growing role in crypto and blockchain. We will continue to invest in great entrepreneurs no matter where they are in the world, including the UK. We also remain ready to help the UK with its ongoing crypto efforts.”
Earlier this week, President Donald Trump signed an executive order to evaluate the creation of a strategic national Bitcoin (BTC ($105,031.67)) and crypto stockpile.
The order, entitled “Strengthening American Leadership in Digital Financial Technology,” requires all federal agencies to halt any actions related to the development of a government-backed digital version of the dollar. It also calls for an analysis of ways the US can “promote the development and growth of lawful and legitimate” dollar-pegged stablecoins created in the private sector.
The administration’s new leadership at the U.S. Securities and Exchange Commission (SEC) also rescinded Staff Accounting Bulletin 121, a controversial rule that forced banks to identify crypto assets held on behalf of their customers as liabilities on their balance sheets.
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