House Republican leaders on Thursday appointed Rep. French Hill (R-Ark.) as the new chair of the House Financial Services Committee for the session beginning Jan. 3.
In this role, Hill will lead initiatives on crypto legislation, focusing on stablecoins and market structure. He will also oversee the US Securities and Exchange Commission.
Hill faced competition from Reps. Andy Barr (R-Ky.), Frank Lucas (R-Okla.), and Bill Huizenga (R-Mich.). They were all vying to succeed Rep. Patrick McHenry (R-N.C.), who is retiring after 20 years in Congress.
The primary competition was between Hill and Barr. Lucas and Huizenga were seen as less significant contenders before the election.
“I am humbled that my colleagues have placed their trust in me to lead the House Financial Services Committee as their next Chairman,” Hill said in a statement. “It was a privilege to join my exceptional colleagues, Representatives Andy Barr, Bill Huizenga, and Frank Lucas, in sharing our visions for this committee.”
French Hill Leads House Passage of FIT21 Act to Define US Digital Asset Regulations
French Hill recently chaired the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion. He co-sponsored the Financial Innovation and Technology for the 21st Century Act (FIT21). This act aims to establish a clear regulatory framework for US digital assets. It defines the roles of the Commodity Futures Trading Commission (CFTC) and the SEC.
In May 2024, the House passed FIT21 with bipartisan support, marking significant progress in digital asset regulation. However, the bill has faced challenges in the Senate.
House Financial Services Committee’s Expanding Role in Crypto Legislation
The House Financial Services Committee holds significant influence over monetary policy, housing, banking and international finance. It collaborates with the Senate Banking Committee to oversee the SEC. Recently, President-elect Donald Trump nominated Paul Atkins to lead the SEC.
The committee collaborates with the House and Senate Agriculture Committees to oversee the Commodity Futures Trading Commission (CFTC). This partnership is crucial for drafting financial legislation on crypto market structure and stablecoin regulations, facilitating the progression of these bills to full House or Senate votes.
French Hill Foresees Imminent Congressional Approval of Critical Crypto Legislation
In October, Rep. French Hill showed optimism that Congress could pass key crypto legislation, including FIT21 and the Clarity for Payment Stablecoins Act, before year’s end.
In September, Hill urged the Nigerian government to release detained Binance executive Tigran Gambaryan after a concerning video showed Gambaryan in poor health. Not long after, Nigeria had dropped all money laundering charges against Gambaryan.
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