Congressman Hill to Head House Financial Services Committee

Second District’s Arkansas Congressman French Hill will play a key role in implementing President Donald Trump’s cryptocurrency agenda in the 119th Congress — the Republican Steering Committee just named crypto-friendly Hill as Chair of the critical House Financial Services Committee.

Hill has already pushed several crypto-related bills, including cosponsoring the Financial Innovation and Technology for the 21st Century Act (FIT21), “a market structure bill that much of the cryptocurrency industry hoped would become law.”

Hill has solid experience; however, it was nevertheless widely expected that Hill’s close relationship with former Speaker Kevin McCarthy would be a challenge to securing the influential Financial Services Chairmanship. Hill is currently vice chair of the Financial Services Committee and was named the inaugural Chairman of the Committee’s Digital Asset subcommittee in 2023 (also responsible to oversee central bank digital currency). He also sits on the Committee’s Capital Markets subcommittee.

Cryptocurrency is again drawing heavy attention after November 5 as valuations exceed $100,000 and we learn more about how President Donald Trump courted the crypto industry during his campaign by promising a strategic national crypto stockpile and US-only cryptomining among other enticements.

Industry leaders are looking forward to a much looser regulatory environment after President Joe Biden’s administration actively strangled the growth of the decentralized financial tool by regulating cryptocurrencies as investment contracts like stocks or bonds.

Biden’s appointee to the Securities Exchange Commission (SEC), Chair Gary Gensler, has aggressively pushed regulations designed to keep new crypto startups out of the market along with what industry insiders see as moves to put cryptocurrency under total control of the federal government. Gensler, who will step down on January 20, maintains he was only working to root out financial fraud.

Now 18 states, including Arkansas, are suing the SEC and Gensler for regulatory overreach, saying the SEC “sought to “unilaterally wrest regulatory authority away from the States” on crypto enforcement.”

Hill: We Should Remove “Calcified” Regulations

Hill talked to CNBC about his upcoming Chairmanship and removing “calcified” banking regulations plus the need for a market structure for digital assets and fintechs’ challenge to larger banking concerns. He says he’d have to “look long and hard” at Trump’s crypto stockpile promise but adds that crypto regulation is on the agenda for the first 100 days of the 119th Congress:

— CNBC

On Background: The House GOP Steering Committee is made up of about 30 Republican lawmakers in the House including elected leaders and regional representatives. The House Republican Conference ratifies the Steering Committee’s choices and then the whole House votes as well, a typically uncontroversial process.

Elizabeth Sotallaro

God’s child, Arkansas conservatarian
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