Andreessen Horowitz Refocuses Crypto Efforts in US

In 2023, America’s cryptocurrency crackdown caused venture capital firm Andreessen Horowitz to look overseas.

Now, the company is shutting down its U.K. office amid a new focus on the U.S. crypto sector following Donald Trump’s election, the Financial Times reported Sunday (Jan. 26).

The firm’s British office, announced in 2023, was its first outside the U.S., focused on crypto amid regulatory pressure in the U.S.

“We’re excited by the enthusiasm for crypto building and adoption in the U.K. and are encouraged by the recent positive policy announcements and actions. However, we have chosen to focus on the U.S. given the new administration’s strong policy momentum and will therefore be closing our U.K. office,” Anthony Albanese, the managing director who helps oversee Andreessen Horowitz’s crypto business, wrote on X.

“This doesn’t change our confidence in the U.K.’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 U.K. We also remain ready to help the U.K. with its ongoing crypto efforts.”

The report noted that the partner originally slated to head the U.K. crypto operations Sriram Krishnan, has stepped down and joined the Trump administration. Marc Andreessen and Ben Horowitz, the firm’s founders, are also Trump supporters, advising the new president on technology policy, the FT added.

The firm’s move follows Trump’s recent executive order designed to promote crypto in the U.S. and look into the creation of a national digital asset stockpile. Crypto prices have surged since Trump’s victory last year, with investors banking on a lighter regulatory approach to the industry.

As noted here last week, Trump’s executive order touched on many of the crypto industry’s wants, needs and concerns.

“Its explicit prohibition on developing a U.S. CBDC could spur creativity in private-stablecoin development, and the promise of regulatory clarity could allow stablecoin issuers to focus on scaling their infrastructure and integrating their offerings with existing payment networks,” PYMNTS wrote.

And unlike past federal directives that took a more cautious stance on blockchain, Trump’s order was more assertive, encouraging innovation within the private sector. This pivot underscores a recognition that blockchain can play a critical part in modernizing payment systems, preventing inefficiencies and bolstering security in cross-border transactions. 

“For payment providers and financial institutions, the directive could offer a potential green light to invest in blockchain solutions with less fear of regulatory backlash than under previous administrations,” PYMNTS wrote.