- Rep. French Hill (R-Ark.) selected as Financial Services Committee chair after second-round vote.
- Hill currently leads the committee’s digital asset panel and supports several crypto-focused bills.
- The committee oversees Federal Reserve, Wall Street regulations, and cryptocurrency matters.
- Hill advocates for improved banking access for cryptocurrency companies.
- New chairmanship begins January 3, succeeding retiring Chair Patrick McHenry.
Pro-Crypto Republican Takes Helm of House Financial Services Committee
House Republicans selected Representative French Hill of Arkansas to chair the Financial Services Committee, marking a shift in congressional cryptocurrency oversight. The appointment places a vocal digital asset advocate in charge of Wall Street’s primary oversight body starting January 3.
Banking Access and Regulatory Focus
Hill, who backed multiple cryptocurrency bills, secured the position through a second-round vote against other crypto-friendly candidates, including Kentucky’s Rep. Andy Barr. His selection comes as the committee addresses increasing regulatory scrutiny of digital assets.
During a December 4 hearing, Hill emphasized his position on financial inclusion: "Legal businesses in this great country should have the freedom to bank and have financial services." This stance aligns with industry concerns about banking access restrictions, sometimes referred to as "Operation Chokepoint 2.0."
Legislative Agenda and Industry Impact
The committee’s jurisdiction includes:
- Federal Reserve oversight
- Wall Street regulatory framework
- Cryptocurrency industry supervision
- Banking sector policies
Hill’s previous efforts include opposing SEC guidance requiring banks to record customer crypto holdings as balance sheet liabilities. While this initiative faced a presidential veto, it demonstrated his active role in cryptocurrency policy development.
The Arkansas Republican succeeds Patrick McHenry (R-N.C.), who advanced the Financial Innovation and Technology for the 21st Century Act (FIT21). Hill’s technical expertise and bipartisan relationships position him to advance cryptocurrency legislation in the upcoming congressional session.
In October, Hill called for SEC Chair Gary Gensler’s resignation, citing concerns about regulatory approaches within the agency. His appointment surprised some House members, given his previous alignment with former Speaker Kevin McCarthy and Rep. Andy Barr’s connections to Majority Leader Steve Scalise.
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