Crypto Advocate Congressman French Hill Will Be the New Chair of the Financial Services

Key Points:

• Arkansas Congressman French Hill, a pro-crypto Republican, will lead the U.S. House Financial Services Committee in the next Congress.
• Hill plans to address “de-banking” in the crypto industry and advance legislation on crypto regulation and stablecoins.

Arkansas Congressman French Hill will be taking over as the new chairman of the U.S. House Financial Services Committee as Patrick McHenry of North Carolina retires.

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Congressman French Hill to Take Helm of House Financial Services Committee

Congressman French Hill, a Republican and hard-core supporter of cryptocurrency legislation, was chosen by the party’s Steering Committee to head the influential panel in the 119th Congress next year.

Hill currently chairs the Digital Assets, Financial Technology, and Inclusion subcommittee and has been an influential figure in the crypto space. He was a co-sponsor of the FIT21, a market structure bill seen as one of the best in the cryptocurrency industry.

The Arkansas Congressman has remained very optimistic about the prospects for crypto regulation to move forward and stablecoin legislation, with “de-banking” allegations in the crypto industry being one of the major concerns he pointed out that should be looked into under his leadership.

Maxine Waters Reiterates Democratic Leadership Objectives

The outgoing chair, Patrick McHenry, has played an integral role in the advancement of crypto-related legislation in the House, including FIT21. McHenry also worked alongside California Democrat Maxine Waters on a stablecoin bill that did not advance.

Waters was unanimously re-elected to remain the Democratic leader of the committee, promising to protect consumers and block policies that increase costs on working families during the new administration.

In a statement, Waters touched on her commitment to housing, homelessness, and small business challenges while promising to block any weakening of consumer protections. She said there was significant progress, but much work remains.