Why It Matters
The National Venture Capital Association faces a complex political landscape threatening core interests while creating new opportunities. The Trump administration’s $100,000 H-1B visa fee and wage-based selection criteria could devastate startup talent acquisition, forcing the NVCA’s team to find alternative advocacy channels.
Yet momentum exists elsewhere. Capital formation legislation with House backing directly aligns with NVCA priorities, particularly bills expanding venture fund definitions and lowering regulatory burdens. Meanwhile, urgent crises—SBIR/STTR program expiration and ongoing cryptocurrency regulatory gridlock—create openings for the NVCA’s experienced team to position startups as essential to American competitiveness.
By the Numbers
The National Venture Capital Association reported $648,117 in in-house lobbying expenditures for Q3 2025, part of cumulative spending exceeding $54 million across 491 total disclosures since 2003.
The NVCA’s six-person in-house team brings formidable Washington experience. Jonas Murphy, representing the organization since April 2020, brings Senate Finance Committee expertise. Caroline Moody Schellhas joined in July 2024, adding House legislative director experience and pharmaceutical industry background from Pfizer and Johnson & Johnson.
Robert Franklin, the most tenured member since October 2013, provides institutional knowledge spanning patent reform and tax policy. Recent additions include Ashlyn Roberts (small business specialist), Christina Martin (technology and telecommunications), and Diem-Mi Lu (congressional experience with Democratic members).
The Agenda
The National Venture Capital Association is lobbying on issues critical to the startup ecosystem. Key priorities include capital formation and venture fund regulation, with active engagement on bills like the DEAL Act to expand qualifying investment definitions.
The association heavily focuses on digital assets and cryptocurrency regulation, including the Digital Asset Market Clarity Act and GENIUS Act. Small business innovation programs, particularly SBIR/STTR reauthorization, remain core priorities alongside tax policy affecting venture returns, intellectual property protection, immigration reform for high-skilled visa access, and healthcare innovation policy.
Broader Context
Congress is actively moving legislation aligned with the National Venture Capital Association’s priorities, creating opportunities and challenges.
The House Financial Services Committee advanced pro-startup bills including the DEAL Act (H.R. 4429) and ICAN Act (H.R. 4431), which would expand venture fund definitions and lower regulatory burdens. Congressional hearings on "Beyond Silicon Valley" reflect bipartisan concern about geographic funding concentration.
However, significant headwinds exist. The Trump administration’s new $100,000 H-1B visa fee threatens startup talent acquisition. SBIR/STTR program authorizations expired October 1, 2025, halting government innovation funding despite pending reauthorization bills like S. 1573.
Digital asset regulation remains deadlocked despite the GENIUS Act being signed into law, with Senate cryptocurrency negotiations stalled over partisan disagreements.
Between The Lines
The House Financial Services Committee is advancing the DEAL Act (H.R. 4429) and ICAN Act (H.R. 4431), directly aligned with NVCA lobbying priorities. Recent hearings highlight congressional focus on geographic funding disparities and modernizing accredited investor rules.
Small business innovation programs face crisis with both SBIR and STTR program authorizations expired October 1, 2025, halting federal funding despite pending reauthorization bills.
Immigration policy presents major challenges. The Trump administration’s $100,000 H-1B visa application fee and wage-based selection criteria prompt fierce startup industry opposition over talent constraints.
Competitive Landscape
Carta Inc., a major startup equity management platform, is lobbying extensively on expanding investor access to private markets and regulatory modernization—overlapping significantly with NVCA priorities.
Capital formation bills like the DEAL Act (H.R. 4429) enjoy broad industry support, suggesting more coalition-building than direct competition. However, on digital asset regulation, cryptocurrency industry efforts remain deadlocked despite "hundreds of millions of dollars" in competing advocacy strategies.
The Bottom Line
The National Venture Capital Association invested $648,117 in Q3 2025 lobbying across capital formation, digital assets, immigration, and small business programs. Congressional activity is mixed: capital formation bills have bipartisan support, but immigration policy has shifted adversely under Trump, cryptocurrency regulation remains deadlocked, and SBIR/STTR programs face authorization lapses. The NVCA’s experienced team navigates a fragmented landscape where some priorities align with congressional momentum while others face significant headwinds.
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