Rep. French Hill (R-Ark.), a leading advocate for crypto regulation, has been named chairman of the House Financial Services Committee, placing him at the forefront of legislative efforts aimed at to shape the future of digital assets in the United States.
Hill, who currently chairs the Subcommittee on Digital Assets, Financial Technology and Inclusion, is known for his deep understanding of the technical and business aspects of the crypto industry.
Its selection by House Republican leaders underscores the Republican Party’s commitment to advancing market structure reforms and stablecoin legislation in the next session of Congress that begins January 3.
Focus on crypto legislation
The Financial Services Committee oversees the U.S. Securities and Exchange Commission (SEC) and works with other congressional panels to regulate financial markets, including the rapidly evolving crypto industry.
Hill’s leadership is expected to draw renewed attention to legislation that could clarify whether digital assets are treated as securities or commodities and establish reserve requirements for stablecoins.
Hill co-authored the Financial Innovation and Technology for the 21st Century Act (FIT21), a bipartisan market structure bill that passed the House but stalled in the Senate earlier this year. His record includes bipartisan efforts to address stablecoin regulation, an area where Republicans and Democrats came close to reaching a compromise in 2024.
Hill’s expertise and relationships with industry groups, executives and lobbyists have made him a notable figure in Congress on crypto issues. During a July interview on the Unchained podcast, he pledged to prioritize market structure and stablecoin legislation as the first bills under his leadership.
Bipartisan strategy
Hill also pledged to investigate what critics have called “Operation Choke Point 2.0,” an alleged effort by regulators to limit the crypto industry’s access to banking services.
His leadership on these issues is seen as a significant advantage for crypto policy advocates, many of whom view Hill as a more effective bridge builder than his rivals in the presidential race.
Republicans, who increased their majorities in the House and Senate in November’s elections, are expected to push for lighter regulations. However, passing comprehensive crypto legislation will still require bipartisan support in the Senate, where at least six Democratic votes are needed.
Hill’s ability to work across the aisle played a key role in his nomination over other contenders, including Rep. Andy Barr (R-Ky.), a close ally of the House leadership. Bedroom. Hill’s collaborative approach has built confidence among lawmakers and industry stakeholders that meaningful crypto legislation could gain traction in 2025.
