French Hill voted to chair the US House Financial Services Committee next year

Hill won after a runoff vote, defeating three other crypto-friendly Republicans, including incumbent Chairman Patrick McHenry in 2015. Retires January 25, 2025 Hill has championed several crypto bills, including legislation to regulate digital assets.

Crypto-friendly French Hill will take over as chairman of the US House Financial Services Committee in next year's new Congress.

Hill, a Republican, won the December 12 race against Kentucky's Andy Barr, Michigan's Bill Huizenga, and Oklahoma's Frank Lucas.

In a statement following his win, Hill said he was “humbled” to be the next chairman of the House Financial Services Committee.

He added that he looks forward to working “with President Trump and Senate Banking Committee Chairman Tim Scott to deliver common sense economic policies to bring about a new era of American prosperity shared by our citizens across the globe.”

Hill will take over from current chairman Patrick McHenry, who will step down on January 25, 2025.

“With French Hill's leadership, Republicans will build on our work in this Congress to finally pass a clear regulatory framework and strong consumer protections for the digital asset ecosystem,” McHenry said.

The Financial Services Committee is considered a powerful agency in the US, and Hill heads the agency and works with the Trump administration on a variety of issues, including crypto.

Hill has championed several crypto bills, including legislation to regulate digital assets that passed the US House in May.

Hill's appointment as the new chairman of the House Financial Services Committee follows the appointment of Paul Atkins as the incoming chairman of the Securities and Exchange Commission (SEC).

Current SEC Chairman Gary Gensler is stepping down in January 2025.

Trump has named David Sachs the “White House AI and crypto czar” as his chief policy adviser on artificial intelligence and crypto.