Pro Crypto Rep French Hill To Become Next Chair of House Financial Services Committee

Pro-crypto Rep. French Hill has been selected to lead the House Financial Services Committee, succeeding retiring Chair Patrick McHenry. Hill’s appointment will shape the trajectory of cryptocurrency and financial legislation. Hill, known for supporting crypto and pushing digital asset bills, will align the committee’s work with President-elect Donald Trump’s administration.

US Rep French Hill Named Chair of House Financial Services Committee

According to recent reports, Rep. French Hill has been elected as the new chair of the House Financial Services Committee, replacing outgoing chair Patrick McHenry. Hill, an advocate for cryptocurrency and blockchain innovation, was chosen over other contenders, including Reps. Andy Barr, Bill Huizenga, and Frank Lucas.

Patrick McHenry, who announced his retirement in December 2023, played a pivotal role in advancing digital asset legislation, including the FIT21 framework and a federal stablecoin bill. Hill’s election as chair will continue the committee’s focus on these areas, ensuring regulatory clarity and cryptocurrency growth.

Moreover, the incoming administration has been highly pro-crypto, with Donald Trump promising great plans for crypto to position the U.S. as a leader in innovation. He emphasized advancing blockchain adoption, crypto mining, and regulatory developments to ensure economic dominance.

Stablecoin and Crypto Market Structure Focus

With his appointment, French Hill will advance stablecoin regulation and address the structure of the cryptocurrency market. Hill has been instrumental in introducing bills to create a robust framework for stablecoins.

More so, Hill’s pro-crypto approach aligns with the committee’s goals to boost innovation and address consumer protection and financial stability. The upcoming legislative session will focus heavily on refining these areas.

In addition to cryptocurrency legislation, French Hill has committed to investigating Operation Chokepoint 2.0. The operation campaign allegedly targets digital assets, by limiting their access to banking services. Additionally, Hill has expressed concern about politically motivated debanking practices, which he believes undermine legal businesses.

Meanwhile, Texas Rep. Giovanni Capriglione has filed a Bill to establish a strategic Bitcoin reserve, aligning with Donald Trump’s push for a Federal Bitcoin reserve. The Bill proposes Texas investing in BTC through its treasury. This includes accepting Bitcoin donations, and allowing state agencies to manage digital assets to boost the reserve.