Republicans have selected French Hill as the new chair of the House Financial Services Committee. Hill is a crypto supporter and spearheaded the FIT21 bill to regulate cryptocurrencies. French Hill will succeed outgoing Chairman Patrick McHenry.
Republican lawmakers on Thursday elected cryptocurrency advocate French Hill to chair the U.S. House Financial Services Committee, replacing the retiring Patrick McHenry.
French Hill to lead Financial Services Committee under Trump administration
The House Financial Services Committee announced Thursday that French Hill has been selected as its next chair. This is an important position that could help advance digital asset legislation.
“I am humbled by the confidence my colleagues have placed in me to lead the House Financial Services Committee as the next chair,” Hill said in a post.
Hill defeated fellow Republicans Andy Barr, Frank Lucas and Bill Huizenga in Thursday's vote.
He will replace outgoing Speaker Patrick McHenry and is expected to lead efforts on banking policy and digital assets as the new Congress begins in January.
He also said he plans to investigate the industry's debankment claims in the next Congress, according to Fox Business's Eleanor Terret.
Since being elected to the House of Representatives, he has chaired a committee dedicated to digital assets and has been actively pushing for crypto legislation, including one to regulate stablecoins and another to address market structure. Ta.
Patrick McHenry said Hill spearheaded the 21st Century Financial Innovation and Technology Act (FIT21), which outlines the role of regulators when dealing with digital assets.
Congratulations to my longtime ally @RepFrenchHill Regarding his selection as the next Chairman of the House Financial Services Committee.
Since leading the Republican Committee on my behalf and spearheading the groundbreaking FIT21, Mr. French has proven he is capable of leading this committee. https://t.co/qAHem549zz
— Patrick McHenry (@PatrickMcHenry) December 12, 2024
In addition, French Hill will work with other prominent members of Congress to ensure that the government implements appropriate financial regulation under the new presidential administration.
“Our leadership team works with Speaker of the House Mike Johnson, Majority Leader Steve Scalise, Majority Leader Tom Emmer, House Republican Conference Chair Lisa McClain, and President Trump and Senate Banking Committee Chairman Tim Scott. “I look forward to working with everyone,” he said.
