Rep. French Hill (R-Ark.) has been appointed chair of the House Financial Services Committee for the upcoming session. Under Hill’s leadership, initiatives on crypto regulation will focus on stablecoins and market structure. His appointment comes as Congress is poised to make critical digital asset legislation.
However, they will look to Hill’s leadership in the committee to shape crypto regulation in the U.S. He previously chaired the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion. Hill co-sponsored the Financial Innovation and Technology for the 21st Century Act (FIT21) to develop a clear regulatory framework for digital assets.
Hill’s appointment comes after a competitive committee chair race among Republican candidates. Reps. Frank Lucas (R-Okla.), Bill Huizenga (R-Mich.), and Andy Barr (R-Ky.) were also in the running for the role. Hill was the leading contender with Barr, and Hill was chosen for the job.
French Hill’s Role in Crypto Legislation and SEC Oversight
Hill will step into one of the crypto flashpoints as chair of the Financial Services Committee. He will guide the regulation of stablecoins and the broader crypto market structure. He will also control the Securities and Exchange Commission (SEC) of the United States, which will be a key element in digital assets regulation.
French Hill has advocated for a clear digital asset regulatory framework. He co-sponsored the FIT21 bill, which clarifies the roles of the SEC and the Commodity Futures Trading Commission (CFTC) in regulating crypto. However, the bill passed in the House with bipartisan support in May 2024 and still has hurdles to clear in the Senate.
His experience in digital asset regulation will undoubtedly impact the committee’s future work on legislation. He seeks to create a balanced regulatory environment that encourages innovation but protects consumers. Many viewed Hill as a serious contender for the leadership post that will likely significantly impact the future of crypto policy in the U.S.
There was considerable competition for the chairmanship before Hill’s appointment. Rep. Patrick McHenry (R-N.C.) is retiring, and Barr, Lucas, and Huizenga wanted to take his place. But Hill was the front-runner, especially if the race was a head-to-head with Barr.
In addition, French Hill’s experience in digital assets distinguishes him from the other candidates. He has been involved with efforts to shed light on the regulatory landscape for crypto, and his time as chair of the subcommittee on digital assets made him a strong choice to take over the role.
Hill was viewed as the preferred candidate because of his deep understanding of crypto issues, while Barr, Lucas, and Huizenga were seen as competent. His leadership will help push key financial technology legislation in the new session.
House Financial Services Committee’s Expanding Role in Crypto Oversight
The House Financial Services Committee is increasingly taking up crypto legislation. That makes it important for the committee to work with the Senate Banking Committee to shape federal policies on digital assets. The committee has also collaborated with Agriculture Committees to oversee the CFTC, which, along with the SEC, has shared crypto market regulatory authority.
Congress will need French Hill’s leadership to help pass major legislation related to digital assets. On these lines are the Clarity for Payment Stablecoins Act and the FIT21, which seek to define the regulation of stablecoins and other cryptocurrencies. Challenges in the Senate, however, mean Hill is optimistic these bills will soon pass.
Besides his legislative work, French Hill has dealt with foreign crypto policy issues. In September 2024, he called on the Nigerian government to release a Binance executive detained on money laundering charges. He discovered that his advocacy had paid off by dropping the charges and showed he would protect U.S. crypto interests worldwide.
