T Skevington and M Bacina
Head of Regulation at NYSE heads to Andreesen Horowitz
Chief Regulatory Officer at the New York Stock Exchange (NYSE) Anthony Albanese (not that one) has announced a move to Andreesen Horowitz (a16z) as an operating partner on their crypto team. Albanese certainly comes to a16z at an exciting time, with the fund having closed its second crypto fund (aptly named "Crypto Fund II") in April 2020 with a cool USD$515 million ready to invest.
Albanese certainly comes to a16z with a powerful resume behind him, having overseen the NYSE regulatory engagement, including working with regulators at the state, federal, and international levels. Before the NYSE, Albanese ran the New York Department of Financial Services, an agency of 1,400 employees, regulating more than 3,800 financial services entities with assets exceeding $7 trillion. Prior to that, Albanese was, after our own hearts, a partner at a major law firm, working primarily in securities litigation.
While a16z hasn't been shy about making investments in digital assets companies to date, it said in the press release announcing Albanese's appointment that:
Sensible regulation of this emerging field will be a major factor in its success. We believe innovation and regulation can coexist, just as they did with the development of the Internet, but to do so both sides must fully understand each other’s points of view. That’s where Anthony, like he did with us, will bring a long-term approach to his relationships with both regulators and entrepreneurs.
We also certainly won't complain about a16z's comments that:
There’s an immense need for highly skilled and experienced lawyers who are passionate about crypto and want to see regulation applied in a modern way that lets innovation flourish.