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As the year comes to a close, Republicans are in the process of finalizing their selections for House committee and subcommittee chairs.
Crypto enthusiasts may have noticed that Rep. French Hill has been nominated to chair the House Financial Services Committee, while Glenn Thompson is set to retain his position as Agriculture Committee chair.
Let’s delve into what these representatives have expressed about crypto and what potential policy changes could be on the horizon in the upcoming session:
French Hill
Hill made history as the inaugural chair of the House Subcommittee on Digital Assets, Financial Technology, and Inclusion, a role he has served in for the past two years.
Established by Chair Maxine Waters during the 116th Congress, the subcommittee’s focus expanded to include crypto-related matters this session under Chair Patrick McHenry. Throughout this period, hearings have been conducted on topics such as DeFi, crypto market structure, and the involvement of federal agencies.
Hill’s nomination announcement received bipartisan support, with Democrat Ritchie Torres, another proponent of crypto, expressing optimism for continued bipartisan collaboration in the upcoming session.
Glenn Thompson
While it may seem unexpected, the Agriculture Committee plays a significant role in addressing issues related to commodities and derivatives markets, which includes matters relevant to crypto regulation. With many in the crypto community advocating for more oversight from the CFTC and less from the SEC, the Ag Committee’s involvement could be pivotal.
Thompson introduced the Digital Commodity Exchange Act in the previous session, a bill that influenced FIT21, which passed through the Ag Committee and the House with bipartisan support. A key aspect of this legislation is granting the CFTC the authority to regulate crypto spot markets, a move endorsed by agency leadership and industry stakeholders.
Thompson, a co-sponsor of FIT21, emphasized that the bill was crafted based on input from various stakeholders and market participants. He stated that the legislation aims to address existing regulatory gaps and uphold US leadership in financial and technological innovation.
The confirmation of committee nominees is pending approval by the House Republican Conference, scheduled to convene next week.
Turning to the Senate, there has been no update on the potential confirmation of SEC Commissioner Caroline Crenshaw before Congress adjourns next week.
Senate Banking Committee Chair Sherrod Brown attributed the delay to Republican senators prioritizing “corporate special interests” over Crenshaw’s nomination.
Next week is poised to be eventful as these developments unfold.