House Republicans have chosen Rep. Frances Hill (R-Ark.) to lead the influential Financial Services Committee, putting a vocal crypto advocate at the head of the Wall Street watchdog body.
And that puts Hill in a position to serve as a critical starting point as legislative efforts for the crypto industry begin next year.
Hill secured the chairmanship after a runoff vote, defeating three other contenders, including Rep. Andy Barr of Kentucky. Report The Hill cited two sources familiar with the closed-door election.
The Arkansas Republican currently chairs the committee's Digital Assets Panel and has He won several crypto accountsIncluding legislation to regulate stablecoins and improve market structure.
“Legitimate businesses in this great country should have banking freedom and financial services,” Hill said at a Dec. 4 hearing, highlighting his focus on crypto companies. Bank access concerns.
The Financial Services Committee's jurisdiction covers the Federal Reserve, Wall Street regulations and, increasingly, crypto regulation — an area that draws more attention than U.S. regulators.
A committee under Hill will investigate what critics say “Operation chokepon 2.0 inch–Regulatory efforts to limit access to banking services for crypto companies
The Republican has joined efforts to overturn an SEC directive that would have required banks to record customers' crypto holdings as balance sheet liabilities, despite the president. Biden finally got the vote. The decision.
Hill succeeds retiring Chair Patrick McHenry (RN.C.), who led efforts to advance crypto legislation, including general. Financial innovation and technology for the 21st centuryT (FIT21).
His trip to Congress following the inauguration of President Donald Trump David Sachs Like AI and Crypto Czar and Paul Atkins SEC to lead as the new chairman.
In October, Hill spoke to SEC Chairman Gary Gensler. It should be left On charges of “inciting fear” in a federal agency.
In any case, Thursday's vote surprised some council members, given Barr's reportedly close relationship with Majority Leader Steve Scalise.
Hill's alignment with former Speaker Kevin McCarthy was seen as a stumbling block.
The Republican brings technical expertise to the role, having co-authored several cryptocurrencies and built relationships on the platform. That collaborative approach could be critical to passing legislation in Congress next year.
Hill will assume the chairmanship when the new session of Congress begins on January 3.
Edited by Sebastian Sinclair.
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