Republicans Select French Hill as Chair of House Financial Services Committee

Republicans voted to appoint crypto-friendly French Hill as chair of the crucial U.S. House Financial Services Committee, setting the stage for digital asset legislation in the new year.

Hill secured the chair position on Thursday afternoon, as confirmed by multiple news outlets. Other candidates for the role included Reps. Andy Barr of Kentucky, Bill Huizenga of Michigan, and Frank Lucas of Oklahoma, all of whom have favorable views on crypto.

As the leader of the committee's digital asset panel, Hill has been active in pushing for crypto legislation, including bills aimed at regulating stablecoins and addressing market structure issues.

He has also prioritized the issue of debanking. During a hearing earlier this month, Hill expressed concerns about the challenges faced by legal businesses in the crypto industry regarding banking access. He emphasized the need for financial services availability in the country:
> "Legal businesses in the United States, in this great country should have the freedom to bank and have financial services. We've seen this over and over again."

Current House Financial Services Committee Chair, Patrick McHenry (R-N.C.), announced his retirement in December 2023. McHenry has been instrumental in promoting crypto legislation, including the federal regulation of stablecoins and the comprehensive crypto market structure legislation known as FIT21. His last hearing was held on December 4.

All four contenders for the chair also supported FIT21 and voted to overturn the controversial U.S. Securities and Exchange Commission's accounting guidance known as SAB 121. This bulletin has been contentious within the crypto sector, as it may impede banks from securely managing digital assets by requiring firms that handle crypto to list customer holdings as liabilities on their financial statements. President Joe Biden ultimately vetoed the proposal to reverse this guidance.