The Republican Party in the United States has confirmed that Congressman French Hill, who supports cryptocurrency, will take over as the 'Chairman of the House Financial Services Committee.' He will lead this committee, which is crucial to domestic and foreign financial policy, bringing new opportunities to the legislative process related to cryptocurrency.
Promoting cryptocurrency-friendly policies, French Hill takes the lead
According to multiple media reports, French Hill won the election on Thursday afternoon, defeating three other Republican lawmakers who are also friendly towards cryptocurrencies, including Andy Barr from Kentucky, Bill Huizenga from Michigan, and Frank Lucas from Oklahoma.
Currently, French Hill is the chairman of the subcommittee under the committee that focuses on digital assets. He has actively promoted several cryptocurrency bills in the past, including stablecoin regulation and market structure reform. He is also highly concerned about the 'debanking' issue faced by the cryptocurrency industry and emphasizes that a more in-depth investigation will begin next year.
Earlier this month, French Hill stated at a hearing:
In this great country of the United States, legitimate businesses should have the freedom to use banks and financial services. We have witnessed this unfair situation time and again.
Continuing the important mission of promoting cryptocurrency legislation
French Hill takes over the position of current Financial Services Committee Chairman Patrick McHenry, a proponent of cryptocurrency regulatory reform who announced his retirement at the end of last year. During his tenure, he promoted several significant bills, including a stablecoin regulatory bill and the 'FIT21 bill' (Financial Innovation and Technology for the 21st Century Act), which comprehensively regulates the cryptocurrency market structure.
At the last hearing on December 4, Patrick McHenry, along with other chair candidates, supported the FIT21 bill and voted to attempt to overturn the SEC's SAB 121 guidelines regarding digital asset custody.
The SAB 121 guidelines require financial institutions that custody crypto assets to record users' crypto assets as 'liabilities on the balance sheet.' This regulation has raised concerns in the industry that it may hinder banks from providing digital asset custody services. However, ultimately, the resolution attempting to overturn this regulation was vetoed by President Biden.
"French Hill elected as chairman of the U.S. House Financial Services Committee, cryptocurrency legislation welcomes new opportunities" was first published on (Blockcast).