Rep. French Hill, a strong advocate for the cryptocurrency sector, has officially taken over as the new chair of the House Financial Services Committee. This position was previously held by Patrick McHenry, another Republican lawmaker who did not seek reelection this year and is also known for supporting digital assets.
Hill, representing Arkansas, has been a key figure in the crypto community and has earned an “A” rating from Stand With Crypto, an advocacy group supported by major US exchange Coinbase. He co-sponsored House Resolution 109, a bill aimed at reversing the SEC’s Staff Accounting Bulletin 121 (SAB 121), which requires certain companies to list digital assets as liabilities on their balance sheets, even if they are simply holding them for customers.
Despite the House Resolution passing both the House and Senate earlier this year, President Joe Biden vetoed it in May. Efforts to overturn the veto in July fell short of the necessary two-thirds majority. In addition to his efforts on SAB 121, Hill has criticized the FDIC for allegedly pressuring banks to cut ties with industries, including the crypto sector. He pledged to work with President-elect Donald Trump to address this issue and conduct a thorough investigation.
In his new role as chair of the House Financial Services Committee, Hill is expected to continue advocating for the crypto sector and pushing for regulatory clarity. His track record of supporting digital assets and challenging regulatory hurdles makes him a prominent figure in the industry.
For the latest updates on Rep. French Hill’s work on the House Financial Services Committee and other developments in the crypto sector, be sure to subscribe to email alerts and follow The Daily Hodl on social media platforms like Twitter, Facebook, and Telegram. Stay informed and stay ahead of the curve with The Daily Hodl Mix.
Image Credit: Midjourney
(Note: This article has been rewritten based on the original content provided in the