Andreessen Horowitz is closing its UK office to focus more on its crypto efforts in the United States. The London office, which opened in 2023 during Rishi Sunak's time as Prime Minister, will shut down.
This move comes as a response to what they see as strong momentum in US crypto policy under President Donald Trump. On January 24, Anthony Albanese, the COO of Andreessen Horowitz's crypto division, shared that while they appreciate the enthusiasm for crypto in the UK, the firm is shifting its focus back to the US.
Albanese stated, “This doesn’t change our confidence in the UK’s growing role in crypto and blockchain. We will continue to invest in great entrepreneurs no matter where they are in the world, including the UK. We also remain ready to help the UK with its ongoing crypto efforts.”
The London office was opened with the belief that the UK offered a predictable business environment. However, after the Labour Party took power following the July 2024 elections, the landscape has changed.
Now, under Prime Minister Keir Starmer, the UK government plans to introduce a comprehensive regulatory framework for cryptocurrencies by 2026. In January, Starmer also announced a 50-point action plan for artificial intelligence aimed at boosting economic growth.
In the US, Trump has signed an executive order to establish a working group focused on stablecoin regulations and a strategic crypto reserve. The US Securities and Exchange Commission, now with only three commissioners after Gary Gensler's departure, is setting up a crypto task force to create a market framework.
Marc Andreessen, co-founder of the firm, has been active in political funding. He contributed over $5 million to political action committees supporting Trump’s 2024 campaign and $22 million to Fairshake PAC, which aims to elect pro-crypto candidates. He has even referred to himself as an “unpaid intern” for Elon Musk’s government efficiency committee under Trump, which is currently facing legal challenges.