Rep. French Hill has won the Republican race to become the next Chair of the U.S. House Financial Services Committee.
Crypto-friendly Hill defeated Rep. Andy Barr of Kentucky, Rep. Frank Lucas of Oklahoma, and Rep. Bill Huizenga of Michigan to secure the vote as the next chair of the influential committee. Axios reported this on Dec. 12.
Hill will now lead the House’s efforts on cryptocurrency legislation, banking policy, housing, and other financial services. His leadership comes as the pro-crypto administration of President Donald Trump seeks to reshape the U.S. approach to digital assets beginning in January.
Hill, who succeeds retiring House Financial Services Committee Chair Patrick McHenry, has expressed intentions to investigate debanking allegations affecting the digital assets industry.
Outgoing Chair McHenry played a key role in Congress’ stablecoin regulations bill and the Financial Innovation and Technology for the 21st Century Act, known as the FIT21 bill.
The House of Representatives voted to adopt FIT21 in May, a move widely celebrated by the crypto industry. The market structure bill is expected to bring greater regulatory clarity to digital assets amidst the ongoing jurisdictional battle between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission
TTrump’s election has already prompted significant changes, which many observers see as a turning point for crypto policy in the U.S. The anti-crypto stance of the Joe Biden administration is expected to fade into the background. SEC Chair Gary Gensler is set to step down on January 20, and Trump has selected crypto-friendly Paul Atkins as the next chair.
Additionally, there are changes underway at the CFTC. Reports indicate that former commissioner Brian Quintenz is poised to become the next CFTC chair. Trump’s team is also reportedly considering the CFTC as the regulator of crypto.
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