French Hill appointed as Chair of Financial Services Committee
The upcoming Congress is shaping up to be the most crypto-friendly yet, with an Arkansas Republican taking the reins of the House Financial Services Committee. Representative French Hill secured the position after pledging to focus on legislation that supports the crypto industry.
Hill, who currently chairs the Subcommittee on Digital Assets, Financial Technology, and Inclusion, was chosen over rivals like Andy Barr, Bill Huizenga, and Frank Lucas. He is known for sponsoring the FIT21 bill, which passed the House earlier this year but stalled in the Senate. This bill classifies digital assets operating on decentralized blockchains as commodities overseen by the CFTC, while those considered securities fall under the SEC.
At a recent Blockchain Association Summit, Hill and outgoing Chair Patrick McHenry received a standing ovation for their work in this space. Hill has made it clear that addressing stablecoins will be a top priority in his new role, with plans to introduce familiar bills that align with the industry’s needs.
Coinbase, a major player in the crypto world, has been a significant supporter of Hill’s campaign efforts. The company and its employees donated generously to his cause, making Hill one of the top recipients of Coinbase contributions in this cycle. Additionally, employees of Andreessen Horowitz, a major crypto investor, also backed Hill with substantial donations.
As the new head of the House Financial Services Committee, Hill is poised to guide legislation that will shape the future of digital assets. With support from industry leaders and a clear commitment to addressing key issues, Hill’s leadership could mark a significant step forward for the crypto sector in Congress.
