Odaily Planet Daily News Previously, crypto supporter and U.S. Congressman from Arkansas French Hill defeated three other competitors to win the position of Chairman of the Financial Services Committee. Hill currently serves as the vice chairman of the committee and heads the committee's Subcommittee on Digital Assets, Financial Technology, and Inclusion. He emphasized that he is very grateful for the opportunity to serve as the chairman of the committee. Hill stated in a press release, "I am honored by the trust my colleagues have placed in me." The congressman also outlined his priorities and expressed his commitment to working with House Speaker Mike Johnson, Majority Leader Steve Scalise, and Senate Banking Committee Chairman Tim Scott to "develop rational economic policies that usher in a new era of American prosperity for all citizens of the nation." The outgoing chairman Patrick McHenry praised Hill's leadership abilities, particularly his expertise in financial technology and innovation. McHenry stated, "French's experience in the private sector, the Treasury Department, and as vice chairman has prepared him well for this role." He emphasized, "Under French Hill's leadership, the Republican Party will ultimately establish a clear regulatory framework and strong consumer protection measures for the digital asset ecosystem based on this Congress." McHenry also highlighted Hill's contributions to advancing key legislation, including the Financial Innovation and Technology for the 21st Century Act (FIT21). Hill's appointment has garnered support from leaders in the crypto industry and lawmakers. Former Acting Comptroller of the Currency and former Chief Legal Officer of the cryptocurrency exchange Coinbase Brian Brooks praised Hill's "intellect, growth mindset, and innovative outlook." Ripple's Chief Legal Officer Stuart Alderoty emphasized Hill's potential to drive regulatory transparency for digital assets, stating, "As the chairman of the Subcommittee on Digital Assets, Congressman Hill is prepared to lead the charge for regulatory transparency, building on the momentum from the last Congress in market structure and stablecoin legislation." Others in the cryptocurrency and financial sectors echoed similar sentiments, including the Blockchain Association and the Digital Chamber of Commerce, both of whom expressed their support for Hill's leadership. (Bitcoin.com) Previously reported, the incoming chairman of the U.S. House Financial Services Committee, Congressman French Hill, stated that the committee would focus on easing bank regulations, addressing capital formation issues so that more companies can go public, and tackling the market structure of cryptocurrencies. Hill also indicated in an interview with CNBC that he has not yet decided whether the U.S. should establish a Bitcoin reserve.

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