Venture capital firm Andreessen Horowitz on Tuesday said it had hired Michele Korver to head its crypto regulatory compliance division. Korver’s work in the crypto space, when she had served as the first digital currency counsel for the U.S. Justice Department’s Criminal Division, had earned her the moniker “Crypto Czar.”
The firm, which is also known as a16z, announced the appointment in a blog post. Prior to joining the firm, Korver served as the Chief Digital Currency Advisor at the Treasury’s Financial Crimes Enforcement Network.
During her tenure with the government, Korver oversaw several high-profile crackdowns on drug traffickers and money launderers using digital currencies to finance their operations.
In her new role at a16z, Korver will be responsible for ensuring the firm’s crypto ventures are operating in line with current regulations.
“I’ve devoted much of my career to helping policymakers understand the power and potential of this technology. I’m now excited to join a16z crypto and work directly with web3 projects to help them thrive in a rapidly developing regulatory environment.”
-Korver told Bloomberg
a16z had announced a $2.2 billion crypto fund in June 2021. Hiring former government employees is a common tactic among investment firms to help them navigate regulatory pitfalls.
Coinbase was recently seen adding a former Securities and Exchange Commission (SEC) official to its ranks.
Crypto industry set to grow in the U.S.
Korver’s appointment comes in the wake of an executive order from U.S. President Joe Biden that lays the groundwork for crypto regulation in the United States.
The order was welcomed by the industry, and is widely expected to boost development and adoption in the web3 space. But with that growth also comes the prospect of increased regulatory scrutiny.
Curbing the potential misuse of cryptocurrencies was one of the main goals outlined by the order, with government bodies including the Federal Reserve, the Treasury and the SEC set to collaborate on its enforcement.
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