On December 13, the Financial Associated Press reported that U.S. Representative French Hill, a Republican from Arkansas and former banker, will serve as the next chairman of the U.S. House Financial Services Committee. The House Financial Services Committee is an important body in the U.S. Congress responsible for overseeing the financial industry and formulating related legislation, covering areas such as banking, the overall financial system, and the cryptocurrency market. Hill will succeed the retiring Patrick McHenry, with formal appointment expected to receive Republican approval in the coming days.
U.S. Representative French Hill said he hopes to draft a bill related to crypto assets (virtual currencies) by 2025 as one of his priorities.
In an interview with CNBC, Hill stated, "In the spirit of fairness, a purposeful regulatory structure needs to be established for digital assets.
Under SEC Chairman Gensler's leadership, there are no rules, only enforcement regulations. This does not help the success of the U.S., technological advancement, Web3 innovation, or the use of blockchain in public companies and financial services.
Hill also added that House Majority Leader Steve Scalise plans to use the first 100 days of the Trump administration to push for legislation regulating cryptocurrencies and dollar-pegged stablecoins.
Hill is a legislator who has previously advocated for cryptocurrencies. On the 4th, he also stated that he would investigate the restrictions on providing banking services to the cryptocurrency industry in the U.S.
French Hill stated in a July episode of the Unchained podcast that stablecoin and market structure legislation would be two of his top priorities as chairman.