Andreessen Horowitz lands Latham partner for crypto-focused work

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Venture capital firm Andreessen Horowitz has hired Latham & Watkins business partner Miles Jennings as general counsel specializing in cryptocurrencies.

Jennings will advise on the structure of Andreessen Horowitz’s cryptocurrency investments, help portfolio companies overcome legal and regulatory challenges, and work to advance and improve regulations applicable to crypto companies, he said. in response to questions emailed by Bloomberg Law.

Jennings left Latham last month to join the privately held firm officially known as AH Capital Management LLC and co-founded by prominent venture capitalist Marc Andreessen. The hiring comes two months after Menlo Park, Calif. Andreessen Horowitz, launched a $ 2.2 billion cryptocurrency investment fund.

He called Latham’s departure a bittersweet decision since Jennings has spent his entire career at the law firm, where he co-chaired his blockchain and cryptocurrency task force. Jennings joined Latham nearly a dozen years ago, becoming a partner last year after working in the firm’s offices in Silicon Valley and London.

Jennings said he would work with former federal prosecutor Kathryn Haun, who was named Andreessen Horowitz’s first female partner in 2018 and was asked to manage the cryptocurrency fund with Chris Dixon, another partner at the firm. .

Andreessen Horowitz hit hard with his investment in Coinbase Global Inc., a cryptocurrency exchange that saw its valuation reach $ 100 billion following a direct listing earlier this year on the Nasdaq stock market.

Haun, in an April interview with Bloomberg News, called the Andreessen Horowitzs Coinbase windfall a historic moment for the cryptocurrency business and industry. Given her heightened interest in digital assets, Jennings said it made sense for Andreessen Horowitz to add a lawyer who specializes solely in this sector.

Andreessen Horowitz, who manages $ 18 billion in assets, saw his namesake Marc Andreessen speak with Bloomberg Wealths David Rubenstein last month about cryptocurrencies with the capacity to bring technological transformation to society.

There is a fundamental technological breakthrough that has actually happened, Andreessen said. Many of the smartest people in IT are getting into this field and moving it forward at a very rapid pace.

Changing landscape

The addition of Jennings by Andreessen Horowitz comes as federal officials appear poised to forge a regulatory framework for the burgeoning digital asset industry.

Gary Gensler, chairman of the U.S. Securities and Exchange Commission, spoke to Bloomberg News last month about the need to protect investors from fraud by stepping up oversight of cryptocurrencies. Yet some politicians, such as Senator Cynthia Lummis (R-Wyo.), Favor a more passive regulatory approach.

Jennings said ensuring entrepreneurs have enough freedom to invest and develop world-changing technology, while protecting investors, is no easy task. He praised US regulators for trying to strike the right balance, but noted that lingering ambiguities create challenges for decentralized platforms.

There continues to be great uncertainty that stifles innovation, Jennings said. It is clear that the industry would benefit from a well-defined framework, developed collaboratively by regulators and industry experts.

Jennings cited the safe harbor proposal of SEC Commissioner Hester Peirces as a good starting point for the discussion.

Andreessen Horowitz bolstered his regulatory expertise last year by recruiting a new operating partner for his cryptocurrency division at Anthony Albanese. He is a former partner of Weil, Gotshal & Manges who has spent the past five years as chief regulatory officer for the New York Stock Exchange.

Albanese works closely with Jeffrey Amico, partner of Andreessen Horowitz, who also joined the team last year after serving as general counsel for Fluidity, a blockchain startup sold to ConsenSys Software Inc, based in Brooklyn, NY.

ConsenSys, which raised $ 65 million earlier this year from investors led by JPMorgan Chase & Co., Mastercard Inc. and UBS AG, is also the company that helped Jennings make a name for itself in the asset business. digital.

Jennings, while working as a senior partner in Latham’s Emerging Business Practice, partnered with ConsenSys to launch an automated convertible note that helps cryptocurrency startups across the board, from raising from capital to contract automation and token generation.

Make connections

Aside from ConsenSys, while in private practice, Jennings also served as an external advisor to other decentralized financial protocols like Uniswap and Avalanche, for which parent company Ava Labs Inc. hired a new legal chief in May.

Andreessen Horowitz, who has invested in Uniswap, turned to Jennings and Latham for advice on the launch of its governance token, as well as the company’s investments in the non-fungible token market OpenSea and Mirror.xyz , a cryptocurrency publishing tool founded by former Andreessen. Horowitz partner Denis Nazarov.

These deals and others have led Andreessen Horowitz to introduce Jennings to several of his portfolio clients, the company said. Among its investments is Anchorage Hold LLC, a cryptocurrency custodian that hired general counsel Georgia Quinn last year.

From this platform, we have the ability to support some of the world’s most talented entrepreneurs and drive industries forward in meaningful ways, Jennings said.

Prior to joining Andreessen Horowitz, Jennings’ client list included blockchain investment firm ParaFi Capital LP, cryptocurrency-focused venture capital firm Paradigm Operations LP, and Union Square Ventures LLC, a venture capital firm. who hired their very first general counsel this year after their lucrative investment. in Coinbase.

In February, Jennings advised hedge fund Pantera Capital Management LP on a $ 15 million Series A fundraiser in 0x Labs Inc., a decentralized exchange behind the ZRX token. Jennings also led a Latham team representing Bitwise Asset Management Inc. in a $ 70 million Series B fundraiser in June.

Bitwise, the world’s largest cryptocurrency index fund manager, this year hired its very first general counsel and chief compliance officer in Katherine Dowling, a former federal prosecutor who has joined the San Francisco-based company. after having occupied the same position within a financial consulting firm. True Capital Management LLC.

Cryptocurrency companies have been busy recruiting lawyers to form internal legal and compliance groups as the digital asset industry matures.

Jennings’ placement at Andreessen Horowitz was negotiated by Sarah Blumling, founder and CEO of San Francisco-based legal recruiting firm QueensBench Search LLC.

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