Republicans, who have gained control of the House of Representatives as well as the Senate in the US, are preparing to appoint a pro-crypto figure to head the Financial Services Committee, which is affiliated with the parliament.
The US elections have produced near-perfect results for cryptocurrency markets, with Republicans led by Trump gaining control of both the Senate and the House of Representatives. This will also allow a Republican candidate to head the Financial Services Committee, which is affiliated with the House.
McHenry retires after scolding Gensler
As is known, the current chairman of the committee, Republican Senator Patrick McHenry, will retire in January 2025. McHenry was known for his harsh warning and even scolding style in committee meetings, especially towards SEC Chairman Gary Gensler. McHenry was also one of the leading names in the submission of bills to Congress to regulate crypto markets and stablecoins.
The new president will arrive in December at the latest.
It is almost certain that the new committee chairman who will replace McHenry will be elected either in November or December. Among these names are French Hill, Andy Barr, Bill Huizenga and Frank Lucas, who are also well-known in the crypto world. All of the names are known to be pro-crypto. For example, French Hill worked on many bills, especially stablecoin bills.
Ron Hammond, director of government relations at the Blockchain Association, an organization that advocates for the rights of companies operating in the blockchain field, said in a previous statement that the committee will first try to regulate stablecoins and then decentralized finance and NFTs.
The Financial Services Committee is responsible for overseeing the SEC, as well as major agencies such as the Fed, the Treasury Department, the CFTC, and the FDIC.
