Rep. French Hill is new chair of House Financial Services Committee

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As a seasoned researcher with a keen interest in the intersection of technology and finance, I find the recent developments in U.S. crypto policy particularly exciting. Rep. French Hill’s election as the next Chair of the U.S. House Financial Services Committee marks a significant shift, especially given his expressed intentions to investigate debanking allegations affecting the digital assets industry.

Representative French Hill emerged victorious in the Republican contest, securing his position as the future Chair of the U.S. House Financial Services Committee.

crypto-advocating Representative Hill emerged victorious over Reps. Andy Barr (Kentucky), Frank Lucas (Oklahoma), and Bill Huizenga (Michigan) to win the position as the next leader of the powerful committee, according to a report by Axios on December 12th.

Starting now, Hill is taking charge of the legislative initiatives regarding cryptocurrency, banking policies, housing, and other financial services within the House. This new role arises as the pro-cryptocurrency administration under President Donald Trump intends to redefine the U.S.’s strategy towards digital assets, with the changes set to begin in January.

The individual who is taking over from retiring House Financial Services Committee Chair Patrick McHenry, has made known their plans to look into accusations of debanking in relation to the digital assets sector.

Previously-held Chair McHenry significantly contributed to drafting the Congress’ bill on stablecoins and the Financial Innovation and Technology for the 21st Century Act (FIT21 bill). This act is commonly referred to as the FIT21 bill.

In May, the House of Representatives endorsed FIT21, a decision applauded across the crypto sector. This bill, aimed at structuring the market, is anticipated to bring more regulatory certainty to digital assets as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission grapple with their jurisdictional dispute.

The election of Donald Trump has initiated substantial shifts in policy, viewed by many as a pivotal moment for cryptocurrency regulation in the United States. The skeptical stance towards crypto of the Joe Biden administration is anticipated to diminish. Gary Gensler, current Chair of the SEC, plans to resign on January 20th, and Trump has chosen Paul Atkins, known for his friendly approach to crypto, as his successor.

Moreover, it appears that the Commodity Futures Trading Commission (CFTC) is undergoing modifications. It’s been suggested that Brian Quintenz, a former commissioner, might be appointed as the new CFTC chair. Furthermore, there are rumors that the Trump administration could designate the CFTC as the regulatory body for cryptocurrencies.

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2024-12-13 00:32