Rep. French Hill (R-Ark.) has been named the chair of the House Financial Services Committee, solidifying his position as a key player in shaping the future of digital assets regulation in the US. With a strong understanding of the technical and business aspects of the crypto industry, Hill’s appointment highlights the Republican party’s dedication to advancing market structure reforms and stablecoin legislation in the upcoming congressional session.
As the head of the Subcommittee on Digital Assets, Financial Technology, and Inclusion, Hill will focus on clarifying whether digital assets should be classified as securities or commodities, as well as establishing reserve requirements for stablecoins. His past work on the bipartisan Financial Innovation and Technology for the 21st Century Act demonstrates his commitment to addressing these issues.
Hill’s leadership is expected to bring a renewed focus on crypto legislation within the Financial Services Committee, which oversees the US Securities and Exchange Commission (SEC) and collaborates with other congressional panels to regulate financial markets. His connections to industry groups, executives, and lobbyists make him a prominent figure in Congress on crypto matters.
In addition to market structure and stablecoin legislation, Hill has pledged to investigate concerns over “Operation Choke Point 2.0,” an alleged effort to restrict the crypto industry’s access to banking services. His bipartisan approach to policy-making is seen as an advantage for crypto advocates, as passing comprehensive legislation will require support from both parties in the Senate.
With Republicans holding expanded majorities in Congress, there is a push for lighter-touch regulations. However, bipartisan cooperation will be necessary to pass meaningful crypto legislation. Hill’s ability to work across the aisle played a key role in his appointment as chair of the Financial Services Committee, setting the stage for potential progress in crypto regulation in the coming year.