House Republicans have selected Rep. French Hill (R-Ark.) to lead the influential Financial Services Committee, positioning a vocal crypto advocate at the helm of Wall Street’s congressional oversight body.
This also puts Hill in a position that would serve as a crucial starting point as legislative efforts for the crypto industry begin next year.
Hill secured the chairmanship Thursday after a second-round vote, beating out three other crypto-friendly contenders, including Rep. Andy Barr of Kentucky, according to an initial report from The Hill citing two sources familiar with the closed-door selection.
The Arkansas Republican currently chairs the committee’s digital asset panel and has championed several crypto bills, including legislation to regulate stablecoins and reform market structure.
“Legal businesses in this great country should have the freedom to bank and have financial services,” Hill said during a December 4 hearing, highlighting his focus on crypto firms’ banking access concerns.
The committee under Hill will also scrutinize what critics call “Operation Chokepoint 2.0” – alleged regulatory efforts to restrict crypto companies’ access to banking services.
The Republican has also joined efforts to overturn SEC guidance requiring banks to record customer crypto holdings as balance sheet liabilities, though President Biden ultimately vetoed the resolution.
Hill succeeds retiring Chair Patrick McHenry (R-N.C.), who spearheaded efforts to advance crypto legislation, including the comprehensive Financial Innovation and Technology for the 21st Century Act (FIT21).
His stroll into Congress follows President-elect Donald Trump’s appointments of David Sacks as AI and Crypto Czar and Paul Atkins to lead the SEC as its new Chairman.
In October, Hill said that outgoing SEC Chair Gary Gensler should leave after “fear-mongering” in the federal agency.
The selection surprised some House members, given Barr’s close ties to Majority Leader Steve Scalise, per the report. Hill’s previous alignment with former Speaker Kevin McCarthy had been viewed as a potential obstacle.
The Financial Committee’s jurisdiction spans the Federal Reserve, Wall Street regulations, and, increasingly, crypto oversight—a sector drawing intensified attention from U.S. regulators.
The Republican also brings technical expertise to the role, having co-authored multiple crypto bills and built relationships across the aisle. That collaborative approach could prove pivotal for passing legislation in Congress next year.
Hill is expected to assume the chairmanship when the new congressional session begins on January 3.
Edited by Sebastian Sinclair
Read the full article here
