Post-Election Call to Halt Rulemaking

Rep. French Hill, an Arkansas Republican, is urging federal agencies, including SEC Chair Gary Gensler, to "immediately halt" ongoing rulemaking following the recent elections.

In a letter sent to key officials like U.S. Secretary of the Treasury Janet Yellen and Federal Reserve Chair Jerome Powell, Hill expressed concerns about the outgoing administration's regulatory overreach, which he believes has stifled economic growth and innovation.

He stated, "As a matter of transparency and public accountability, each of your agencies should abandon any action or plan to force through a politicized regulatory agenda, which voters have already rejected." Hill emphasized the need to restore balance between government and the public.

This letter follows President-elect Donald Trump's victory over Vice President Kamala Harris. Several proposed regulations, including the SEC's Regulation ATS, remain unadopted. This regulation could redefine exchanges and require decentralized projects to register as alternative trading systems.

The Congressional Review Act (CRA) could potentially nullify soon-to-be-adopted rules, allowing Congress to overturn federal agency actions.

Hill's Pursuit for Chairmanship

Concurrent with these developments, Hill is aiming for the chairmanship of the House Financial Services Committee, assuming Republicans gain the majority in the U.S. House. As of now, Republicans hold 216 seats to Democrats' 207, needing 218 for a majority.

With current chair Rep. Patrick McHenry retiring in January 2025, the committee is pivotal in crypto legislation. Potential candidates for the chair include Hill, along with Andy Barr, Bill Huizenga, and Frank Lucas, all supportive of crypto. A new chair is expected to be chosen by November or December.