A Turning Point for Crypto Law

House Republicans elected Rep. French Hill (R-Ark.) as Chairman of the powerful Financial Services Committee, opening significant opportunities for legal initiatives regarding digital assets in the coming year. In this position, Hill will play a crucial role in overseeing regulations related to the financial market, including crypto.

Hill, a strong supporter of the digital assets sector, outperformed other prominent candidates in the closed vote, marking an important victory for the crypto industry.

Hill previously served as Chairman of the Committee's Digital Assets Subcommittee and has supported many crypto-related bills, including:

  • Stablecoin Regulation: Proposing a clear legal framework for types #stablecoin .

  • Market Structure Reform: Facilitating easier access for crypto businesses to legal financial services.

Speaking in a recent hearing, Hill emphasized: "Legal businesses should have the freedom to access financial services in this country."

Criticism of the SEC and Future Plans

Hill has strongly criticized the guidance of #SEC requiring banks to account for customers' crypto assets as liabilities on their balance sheets. He has also called for Gary Gensler, the SEC Chairman, to resign due to alleged "intimidation" of the industry.

In the upcoming term, the Committee will focus on:

  1. Oversight of Operation Chokepoint 2.0: Investigating allegations of hindering crypto companies' access to banking.

  2. Developing the FIT21 law: Continuing the efforts of former Chairman Patrick McHenry in shaping the legal framework for digital finance.

Future Vision

Hill is expected to bring significant changes in the approach to crypto, especially as he has built bipartisan collaborative relationships. This will be key to advancing important bills in 2024.

Hill officially takes office on January 3, 2024, promising to usher in a new era for the development of crypto in the U.S.