📣 Financial Services Committee Gets a Crypto Champion
posted 13 Dec 2024
Arkansas Republican Representative French Hill has been named the new Chairman of the House Financial Services Committee.
Hill’s appointment signals growing awareness of the importance of establishing transparent oversight for the cryptocurrency industry—a development that is likely to inspire confidence in the market. The Financial Services Committee holds significant sway over the Federal Reserve, Wall Street governance, and digital asset regulation.
Heading the committee’s digital assets task force, Hill has been a driving force behind stablecoin legislation and reforms aimed at modernizing market structures.
On December 4, he emphasized:
Hill’s tenure is expected to bring a sharper focus on "Operation Chokepoint 2.0" — alleged regulatory measures designed to hinder cryptocurrency firms’ access to traditional banking infrastructure.
He has also pushed back against an SEC mandate that compels banks to record customer crypto assets as liabilities, but President Joe Biden vetoed this proposed reversal
French Hill has taken over the role of chairman from Patrick McHenry, the Republican representative from North Carolina, known for championing landmark cryptocurrency laws such as the Financial Innovation and Technology for the 21st Century Act, which was enacted during the Biden administration.
The committee, under Hill’s guidance, will continue to prioritize digital asset regulation.
Hill’s rise to chairman comes during increased focus on the SEC and its outgoing leader, Gary Gensler, who has faced criticism from Hill for fostering a "fear-mongering."
Expectations are high that Hill’s track record of collaboration—reflected in his work on cryptocurrency legislation and bipartisan outreach—will help clear congressional roadblocks.
This reshuffle at the influential committee parallels broader changes under President-elect Donald Trump, including David Sacks’ appointment to oversee AI and crypto policy and Paul Atkins stepping in as SEC chair.
Hill, a vocal supporter of cryptocurrency adoption, has been elected to lead a key congressional committee.
French Hill Elected Chair of House Financial Services Committee. Source: msn.com
After two rounds of voting, Hill secured the chairmanship, outpacing three rivals, including Kentucky Representative Andy Barr, another advocate for crypto-aligned initiatives.
Hill’s appointment signals growing awareness of the importance of establishing transparent oversight for the cryptocurrency industry—a development that is likely to inspire confidence in the market. The Financial Services Committee holds significant sway over the Federal Reserve, Wall Street governance, and digital asset regulation.
Heading the committee’s digital assets task force, Hill has been a driving force behind stablecoin legislation and reforms aimed at modernizing market structures.
On December 4, he emphasized:
Legal businesses in this great country should have the freedom to bank and have financial services,highlighting his push to secure banking access for legitimate crypto enterprises.
Crypto Oversight and Banking Challenges
He has also pushed back against an SEC mandate that compels banks to record customer crypto assets as liabilities, but President Joe Biden vetoed this proposed reversal
French Hill has taken over the role of chairman from Patrick McHenry, the Republican representative from North Carolina, known for championing landmark cryptocurrency laws such as the Financial Innovation and Technology for the 21st Century Act, which was enacted during the Biden administration.
The committee, under Hill’s guidance, will continue to prioritize digital asset regulation.
Bilateral Prospects and Legislative Hurdles
Expectations are high that Hill’s track record of collaboration—reflected in his work on cryptocurrency legislation and bipartisan outreach—will help clear congressional roadblocks.
This reshuffle at the influential committee parallels broader changes under President-elect Donald Trump, including David Sacks’ appointment to oversee AI and crypto policy and Paul Atkins stepping in as SEC chair.
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