In summary
- French Hill was tapped to lead the House Financial Services Committee, focused on financial regulation and cryptocurrencies.
- Hill defeated Andy Barr and other crypto-friendly candidates in a second closed-door vote.
- Hill has endorsed key bills on stablecoins, banking access and market reform for the next legislative year.
House Republicans have tapped Rep. French Hill (R-Ark.) to lead the influential Financial Services Committee, placing a vocal Cryptocurrency advocate at the helm of the congressional Wall Street watchdog.
This also puts Hill in a position that would serve as a crucial starting point as legislative efforts for the cryptocurrency industry begin next year.
Hill secured the presidency on Thursday after a second vote, beating out three other pro-cryptocurrency contenders, including Rep. Andy Barr of Kentucky, according to an initial report by The Hill citing two sources familiar with the closed-door selection.
The Arkansas Republican currently chairs the committee’s digital assets panel and has backed several cryptocurrency bills, including legislation to regulate stablecoins and reform market structure.
“Legal businesses in this great country should have the freedom to have banking and financial services,” Hill said during a hearing on December 4, highlighting his focus on the banking access concerns of debanking cryptocurrency companies.
The Finance Committee’s jurisdiction spans the Federal Reserve, Wall Street regulations and, increasingly, oversight of cryptocurrencies, a sector that is attracting intensified attention from U.S. regulators.
The committee under Hill will also examine what critics call “Operation Chokepoint 2.0″—alleged regulatory efforts to restrict cryptocurrency companies’ access to banking services.
The Republican also joined efforts to repeal SEC guidance requiring banks to record customers’ cryptocurrency holdings as liabilities on the balance sheet, although President Biden ultimately vetoed the resolution.
Hill succeeds outgoing President Patrick McHenry (R.N.C.), who led efforts to advance crypto legislation, including the Financial and Technology Innovation for the 21st Century (FIT21) Act.
His entry 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 outgoing SEC Chairman Gary Gensler should resign over allegations of “scaremongering” within the federal agency.
If anything, Thursday’s choice surprised some House members, given Barr’s close relationships with Majority Leader Steve Scalise, according to the report.
Hill’s previous alignment with former House Speaker Kevin McCarthy had been seen as a possible obstacle.
The Republican also brings technical experience to the position, having co-written multiple cryptocurrency bills. That collaborative approach could prove crucial to passing legislation in Congress next year.
Hill is expected to take over the presidency when the new session of Congress begins on January 3.
Edited by Sebastian Sinclair
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