Crypto Advocate French Hill to Lead House Financial Services Committee
Republican Representative French Hill of Arkansas has been elected to chair the House Financial Services Committee starting January 3, marking a new chapter in cryptocurrency regulation and oversight.
Hill, who currently chairs the Subcommittee on Digital Assets, Financial Technology, and Inclusion, emerged victorious in a competitive race against fellow Representatives Andy Barr, Frank Lucas, and Bill Huizinga. He will succeed retiring North Carolina Representative Patrick McHenry.
The appointment places Hill in a key position to shape cryptocurrency legislation, particularly regarding stablecoins and market structure. The committee works alongside the Senate Banking Committee to oversee the Securities and Exchange Commission (SEC) and collaborates with agricultural committees on Commodities Futures Trading Commission (CFTC) matters.
Hill has built a reputation as a knowledgeable voice on cryptocurrency technical aspects and business models. His background includes leading the first Fintech task force and maintaining strong connections with industry groups and executives.
During a July appearance on the Unchained podcast, Hill outlined his priorities, pledging to advance both market structure and stablecoin legislation as his first initiatives as chair. The market structure bill would clarify cryptocurrency classification as securities or commodities, while stablecoin legislation would establish reserve requirements for issuers.
His leadership style emphasizes bipartisan cooperation, which could prove valuable as Republicans will need Democratic support in the Senate to pass legislation. Hill has also expressed interest in investigating regulatory practices that may limit crypto industry access to banking services.
The Financial Innovation and Technology for the 21st Century Act (FIT21), co-authored by Hill, previously passed the House with bipartisan support but faced challenges in the Senate. With Republicans gaining seats in both chambers, the landscape for crypto legislation could shift under Hill's leadership.
Industry advocates have welcomed Hill's appointment, noting his technical expertise and ability to work across party lines as assets in advancing cryptocurrency regulation that balances innovation with oversight.