Andreessen Horowitz, a venture capital firm, announced on Tuesday that Michele Korver had been appointed to lead its crypto regulatory compliance team. Korver received the moniker “Crypto Czar” for her work in the crypto industry as the first digital currency counsel for the US Justice Department’s Criminal Division. The hiring was revealed in a blog post by the firm, which is also known as a16z. Korver previously worked at the Treasury’s Financial Crimes Enforcement Network as the Chief Digital Currency Advisor.
During her time with the government, Korver oversaw many high-profile crackdowns on drug traffickers and money launderers who used digital currencies to fund their operations. Korver’s new role at a16z will entail ensuring that the company’s crypto endeavours are compliant with existing rules. In June 2021, a16z unveiled a $2.2 billion crypto fund. Former government personnel are frequently hired by financial firms to assist them in navigating regulatory difficulties.
Korver’s nomination follows President Joe Biden’s executive order, which lays the framework for crypto regulation in the United States. The order was warmly received by the industry, and it is largely expected to stimulate web3 development and acceptance. However, with such an expansion comes the possibility of heightened regulatory scrutiny. One of the main purposes of the order was to prevent the misuse of cryptocurrencies, with the Federal Reserve, the Treasury, and the Securities and Exchange Commission working together to implement it.