Congress Shakeup: New Committee Chair Fuels Crypto Bulls With Digital Asset Agenda

Rep. French Hill’s election as House Financial Services Committee Chair signals a bullish outlook for crypto investors, with promises of regulatory clarity and innovation-friendly policies ahead.

Digital Assets and Fintech Face a Turning Point With Committee’s New Chair

Congressman French Hill (R-AR) has been elected as the next Chairman of the House Financial Services Committee, following a Dec. 12 vote by the House Republican Steering Committee. Hill, currently the Committee’s Vice Chair and head of its Subcommittee on Digital Assets, Financial Technology, and Inclusion, emphasized his gratitude for the opportunity to lead.

“I am humbled that my colleagues have placed their trust in me,” Hill said in a statement. The lawmaker also outlined his priorities, expressing his commitment to working with Speaker Mike Johnson, Majority Leader Steve Scalise, and Senate Banking Committee Chairman Tim Scott “to bring common-sense economic policies that will produce a new era of American prosperity shared by all our citizens across our land.”

Outgoing Chairman Patrick McHenry (R-NC) commended Hill’s leadership credentials, particularly his expertise in financial technology and innovation. “French’s experience in the private sector, the Treasury Department, and as Vice Chair have prepared him for this role,” McHenry stated, emphasizing:

With French Hill at the helm, Republicans will build on our work from this Congress to finally enact a clear regulatory framework and robust consumer protections for the digital asset ecosystem.

McHenry also highlighted Hill’s contributions to advancing key legislation, including the Financial Innovation and Technology for the 21st Century Act (FIT21). “From stepping in on my behalf multiple times to lead Committee Republicans to spearheading the landmark FIT21, Congressman Hill has proven his capacity to lead this Committee,” McHenry said. The outgoing chairman also praised the field of candidates for the role and expressed confidence that Hill is “the right person to guide this talented group of lawmakers.”

Hill’s appointment drew praise from industry leaders and lawmakers. Brian Brooks, former Acting Comptroller of the Currency and former chief legal officer of crypto exchange Coinbase, congratulated Hill on his “intellectual brilliance, growth mindset, and innovation outlook.” Ripple Chief Legal Officer Stuart Alderoty emphasized Hill’s potential to drive clarity in digital asset regulation, stating: “As chair of Digital Asset Subcommittee, Rep Hill poised to lead the charge for regulatory clarity, building off the momentum from the last Congress on market structure and stablecoin legislation.” This sentiment was echoed by others in the crypto and financial sectors, including the Blockchain Association and Digital Chamber, who shared their support for Hill’s leadership.