- Republicans selected French Hill as the new Chairman of the House Financial Services Committee.
- Hill is a crypto supporter and spearheaded the FIT21 bill for crypto regulations.
- French Hill will be replacing Chair Patrick McHenry, who is retiring from office.
Republican party members selected pro-crypto French Hill as the Chairman of the US House Financial Services Committee on Thursday to replace retiring Patrick McHenry.
French Hill set to lead Financial Services Committee under Trump
In an announcement on Thursday, the House Financial Services Committee revealed French Hill was selected as its next Chairman, a key position that could help advance digital asset legislation.
"I am humbled that my colleagues have placed their trust in me to lead the House Financial Services Committee as their next Chairman," Hill stated in an X post.
Hill triumphed over fellow Republicans Andy Barr, Frank Lucas, and Bill Huizenga in the vote held on Thursday.
He will succeed retiring Chair Patrick McHenry and is expected to lead initiatives on banking policy and digital assets as the new Congress begins in January.
He has also allegedly stated plans for the next Congress to investigate the industry's debanking claims, according to Fox Business's Eleanor Terrett.
Since being elected to the House, he has chaired the committee panel dedicated to digital assets and has actively advanced cryptocurrency legislation, including a bill to regulate stablecoins and another addressing market structure.
Patrick McHenry stated that Hill spearheaded the Financial Innovation and Technology for the 21st Century Act (FIT21) bill, which outlines the role of regulatory bodies in dealing with digital assets.
Congratulations to my longtime ally @RepFrenchHill on being selected as the next Chairman of House Financial Services Committee.
— Patrick McHenry (@PatrickMcHenry) December 12, 2024
From stepping in on my behalf to lead Committee Republicans to spearheading the landmark FIT21, French has proven his capacity to lead this Committee. https://t.co/qAHem549zz
Additionally, French Hill will be working with other notable Reps to bring good financial regulations to the government under the new presidential administration.
"I look forward to working alongside Speaker Mike Johnson, Majority Leader Steve Scalise, Majority Whip Tom Emmer, House Republican Conference Chair Lisa McClain, and our whole leadership team as we work in tandem with President Trump and Senate Banking Committee Chairman Tim Scott," he said.
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