By 
French Hill, a crypto-supportive representative from Arkansas, will assume the role of Chairman of the House Financial Services Committee in the 119th United States Congress, set to convene on January 3, 2025. Hill currently chairs the committee’s digital assets subcommittee and is poised to take over from the pro-crypto incumbent Patrick McHenry, who is stepping down after two decades in office.
“I am humbled that my colleagues have placed their trust in me to lead the House Financial Services Committee as their next Chairman,” Hill stated on December 12, expressing his commitment to advancing economic policies that foster American prosperity. He added that he looks forward to working alongside President Trump and Senate Banking Committee Chairman Tim Scott to implement “common-sense” economic measures.
A Critical Role in Shaping Financial Policy
The House Financial Services Committee plays a pivotal role in overseeing the financial services industry and critical regulatory agencies, including the Securities and Exchange Commission (SEC), the Federal Reserve, and the U.S. Treasury.
Under Hill’s leadership, the committee is expected to remain a key player in crafting crypto and blockchain policy, particularly as digital assets gain prominence in the financial system.
Republican Leadership Shift
Hill’s selection was made by the House Republican Steering Committee, where he outpaced rivals Andy Barr, Frank Lucas, and Bill Huizenga. However, his appointment must still be ratified in a full House Republican conference vote.
Hill’s counterpart in the Senate, Tim Scott, has also expressed support for pro-crypto legislation and previously suggested the possibility of creating a crypto-focused subcommittee under his leadership.
Legislative Momentum for Crypto Regulation
Hill has been a vocal advocate for advancing crypto regulatory frameworks and stablecoin legislation. In October 2024, he expressed optimism about passing such bills before the end of the year. Should progress stall, Hill and Scott will likely push these measures forward in 2025, leveraging their respective leadership roles in the House and Senate committees.
The Financial Innovation and Technology for the 21st Century Act (FIT21), which outlines regulatory guidelines for cryptocurrencies, passed the House in May 2024 but remains stalled in the Senate Banking Committee. A House-originated stablecoin framework bill, approved by the Financial Services Committee in July 2023, also awaits further action.
Leadership Transition
Hill’s leadership marks a continuation of pro-crypto advocacy within the committee, following McHenry’s tenure. As Hill transitions to this critical role, industry stakeholders are hopeful that the combined leadership of Hill and Scott will yield significant advancements in regulatory clarity and foster innovation within the digital asset ecosystem.
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