Former CFTC brass joins Andreessen Horowitz as an advisor

The company has brought former United States CFTC commissioner Brian Quintenz aboard its operation.

Crypto regulation has become an increasingly relevant topic over the past several years. To address these legal ins and outs amid the ever-changing regulatory waters, VC firm Andreessen Horowitz has called upon a previous leader of the United States Commodity Futures Trading Commission’s, or CFTC, to join its team.

“As part of our larger effort to make sure we have a world-class support system in place when it comes to policy and regulatory matters, I’m thrilled to announce that Brian Quintenz, a former Commissioner of the Commodity Futures Trading Commission, is joining as an advisory partner on the crypto team,” Andreessen Horowitz general partner Katie Haun wrote in a Thursday announcement on the a16z website.

The past year in particular has seen significant regulatory talk within the U.S. and abroad. In December 2020, the U.S. Treasury aimed to increase self-hosted crypto asset wallet surveillance and more recently, the U.S. infrastructure bill included terminology that could put considerable strain on the growing crypto space. Other countries have also made various regulatory moves, evident in their actions against digital asset exchange Binance.

Andreessen Horowitz seems to have recognized the present regulatory tune of the crypto industry and desired to provide support for the entities in its portfolio. “Our portfolio projects are innovating in ways previously unimagined, and so our investment in them must be more than just financial — we seek to provide them with a full suite of resources on their path to success,” Haun noted in the post.

The CFTC and the U.S. Securities and Exchange Commission, or SEC, are two regulatory agencies often part of the conversation whenever legal guidelines intersect with crypto. Explaining the importance of having a previous regulatory head on hand, Haun wrote:

“The CFTC plays a critical role as a federal regulator with jurisdiction over digital currencies, utility tokens, and other non-security commodities and Brian has long stood out as an innovative thinker in the crypto and DeFi space. He understands both how crypto technology works and how the CFTC thinks about the issue. His ability to translate between the two will be central to the success of a16z Crypto’s policy program and our portfolio companies.”

Other former U.S. government brass has also joined different crypto-involved outfits, such as Jay Clayton, who previously led the SEC as chairman. 

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Helium (HNT) gains 40% after $111M fundraise and 100K active nodes milestone

HNT price hit a 3-month high after the network’s active nodes surpassed 100,000 and the project raised $111 million through a token sale.

Among the more than 11,000 listed cryptocurrencies exist a few projects that offer a revolutionary use case capable of improving the way society operates through the integration of blockchain technology. 

One such project is Helium (HNT), a decentralized peer-to-peer 5G wireless network that made headlines on Aug. 10 thanks to the successful completion of a token sale that raised $111 million from multiple investors, including Andreessen Horowitz.

Data from Cointelegraph Markets Pro and TradingView shows that HNT price spiked 30% from a low of $14.03 to an intraday high at $18.14 following the fundraise announcement.

HNT/USDT 1-day chart. Source: TradingView

Three reasons behind the growing strength of the Helium network include a continually expanding ecosystem of nodes that provide coverage for the network, new companies and partners that utilize the Helium network to track and store data and the recent issuance halving that the protocol underwent.

The “People’s network” hits 100,000 nodes

One of the biggest factors boosting the legitimacy of the Helium network is its expanding network of nodes that surpassed 100,000 in July.

Increasing demand for hotspots has resulted in more than 50 hotspot manufacturer applications being submitted through the Helium Improvement Proposal (HIP) 19 process and this signals that the number of hotspots could continue to rise for the foreseeable future.

The network’s growth is further bolstered by the introduction of a new types of hotsposts which include a ‘Light’ hotspot and data-only hotspot.

Map of all hotspots on the Helium network. Source: Helium

As of August 10, there are 117,377 nodes operating on the Helium network with the highest concentrations found in the United States, Europe and China. 

New data partners join the network

Another bullish factor behind HNT’s recent move is the expanding list of data partners using the low-cost network.

The latest company to join the Helium network for its data management needs is Invoxia, a company that develops GPS trackers for individuals and businesses.

Some of the other companies that utilize the Helium network to track all manner of data from agricultural information to temperature readings include Salesforce, Conserv, Smart Mimic and myDevices.

Helium network partners. Source: Helium

As the number of operational nodes expands to offer wider network coverage for low-cost data tracking, it’s likely that more companies will use the network.

Related: Cryptocurrency mining under proposed US policy changes

Multiple factors reduce HNT’s circulating supply

A third development that has put positive pressure on HNT price is the recent halving that cut the monthly issuance of HNT from 5 million to 2.5 million.

Halving the amount of HNT issued per day comes at the same time that the network is adding partners and expands its coverage. This has the potential effect of increasing demand and leading to further price growth as network activity increases.

The introduction of staking validators on July 23 is another protocol development that has led to positive price pressure on HNT.

Helium network validator statistics. Source: Helium

At the time of writing, more than 21.32 million HNT — 23% of the total supply — have been removed from circulation and staked on the network.

The recent fundraising round from venture capital giants like Andreessen Horowitz, Multicoin Capital and Alameda Research, is further proof that Helium is a fundamentally strong project that has real-world applications and the potential to see further growth in the short and long-term.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Andreessen Horowitz Publishes ‘Crypto Startup School’ Documentary

Andreessen Horowitz Publishes 'Crypto Startup School' DocumentaryThe California-based private American venture capital firm, Andreessen Horowitz, has published a documentary called “Crypto Startup School.” The documentary is different from other blockchain films, as the 30-minute video shows some of the procedures leveraged while invoking a crypto-focused startup. On October 9, 2020, the company Andreessen Horowitz published a new documentary on Youtube called […]

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Tim Draper’s Venture Studio to Triple-Down on Blockchain Projects With a $25M Fund

Tim Draper's Venture Studio to Triple-Down on Blockchain Projects With a $25M FundAt the LA Blockchain Summit, the blockchain and fintech venture studio Draper Goren Holm announced the launch of a $25 million blockchain fund called “Fund 1.” According to the announcement the money will be used for promising blockchain and fintech startups in Series A and seed investments. On October 6, 2020, the Los Angeles-based venture […]

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Nigerian Crypto Startup Yellow Card Raises $1.5 Million For Expansion in Africa

Nigerian Crypto Startup Yellow Card Raises $1.5 Million For Expansion in AfricaYellow Card has raised $1.5 million in a seed round. The Nigerian crypto startup said it will use the money to expand its operations in Africa while making it easier for people on the continent to buy and sell digital assets. Investors in the new round include Polychain, venture capital firm Andreessen Horowitz, and Celo, […]

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