According to CoinDesk, Congressman French Hill has been appointed as the new chair of the influential House Financial Services Committee. The Arkansas Republican was selected by the party's Steering Committee, which announced the leadership for various committees ahead of the 119th Congress set to begin next year. Hill will take over from North Carolina's Patrick McHenry, who is retiring after two decades in Congress and several terms leading Republicans on the Financial Services Committee.
Hill has previously chaired the Digital Assets, Financial Technology, and Inclusion subcommittee and has been actively involved in cryptocurrency legislation. He co-sponsored the Financial Innovation and Technology for the 21st Century Act (FIT21), a market structure bill that garnered significant interest from the cryptocurrency industry. Over the years, Hill has introduced or co-sponsored numerous bills addressing different aspects of the crypto sector.
Patrick McHenry played a pivotal role in advancing multiple pieces of crypto legislation through the House of Representatives, including FIT21. He also collaborated on stablecoin legislation with California Representative Maxine Waters, although this bill was not ultimately introduced. Waters will continue to lead the Democrats on the House committee after being unanimously chosen by the caucus, as stated in a press release.
In the statement, Waters expressed her gratitude for the Democratic caucus's continued trust in her leadership. She emphasized her commitment to improving conditions for working families across the nation. Under her leadership, the committee has made significant progress in expanding housing, addressing homelessness, supporting small businesses, and protecting consumers from fraud. However, she acknowledged that there is still much work to be done. Waters also stated that Democrats on the committee would oppose any efforts by incoming U.S. President Donald Trump to increase costs for working families and dismantle consumer protections.