Rep. French Hill (R-Ark.) has been appointed as the chair of the House Financial Services Committee, solidifying his position as a key player in shaping the future of digital assets in the United States. Hill, who currently heads the Subcommittee on Digital Assets, Financial Technology, and Inclusion, is well-versed in the technical and business aspects of the crypto industry.
His appointment by House Republican leaders underscores the party’s dedication to advancing market structure reforms and stablecoin legislation in the upcoming congressional session starting on Jan. 3. The Financial Services Committee, which oversees the U.S. Securities and Exchange Commission (SEC), plays a crucial role in regulating financial markets, including the rapidly evolving crypto sector.
Under Hill’s leadership, there is a renewed focus on legislation that aims to clarify the regulatory treatment of digital assets as securities or commodities and establish reserve requirements for stablecoins. Hill was a co-author of the Financial Innovation and Technology for the 21st Century Act (FIT21), a bipartisan bill on market structure that passed the House but faced obstacles in the Senate earlier this year. He has also been actively involved in bipartisan efforts to address stablecoin regulation.
Hill’s expertise and extensive network within the industry have positioned him as a prominent figure in Congress on crypto-related issues. In a recent interview on the Unchained podcast, he emphasized his commitment to prioritizing market structure and stablecoin legislation as the primary bills under his leadership.
In addition to his legislative agenda, Hill has pledged to investigate concerns regarding “Operation Choke Point 2.0,” an alleged initiative by regulators to restrict the crypto industry’s access to banking services. His willingness to address these issues has garnered support from crypto policy advocates who view him as a more effective collaborator compared to other contenders for the chairmanship.
As Republicans aim for lighter-touch regulations in the wake of their expanded majorities in the House and Senate, bipartisan cooperation will be crucial for passing comprehensive crypto legislation. Hill’s reputation as a bridge-builder across party lines played a pivotal role in his appointment over other candidates, such as Rep. Andy Barr (R-Ky.), a close ally of House leadership.
With Hill at the helm, there is optimism among lawmakers and industry stakeholders that meaningful progress in crypto legislation can be achieved in 2025. His collaborative approach and bipartisan strategy are expected to pave the way for constructive dialogue and potential advancements in the regulatory landscape for digital assets.