Freshman Arizona Sen. Ruben Gallego was recently named the top Democrat on the Senate Banking Committee’s new subcommittee on “digital assets,” which will oversee cryptocurrencies. On the heels of that appointment, Gallego will hold a ritzy donor retreat alongside one of the crypto industry’s biggest cheerleaders and investors, Marc Andreessen.

The prolific political blogger Matt Yglesias will be a featured speaker at the Gallego event alongside Andreessen, a co-founder of the venture capital firm Andreessen Horowitz, according to an invite obtained by Rolling Stone.

The invite suggests donations of $5,000 to attend the retreat,...