Crypto lawyer French Hill was chosen to lead the House Financial Services Committee in 2025

Congressman French Hill has been named the next chairman of the House Financial Services Committee.

He will succeed Patrick McHenry of North Carolina, who is retiring after a 20-year stint in Congress, including several terms leading Republicans on the board.

Hill’s view

The Arkansas Republican announced the news Dec. 13 via X:

“I am honored that my colleagues have placed their trust in me to lead FinancialCmte as their next president.”

The party’s steering committee appointed the lawmaker to the post Thursday while finalizing the committee’s leadership for the 119th Congress, which begins next year. This position means that Hill will be key to the legislative initiatives for the crypto industry that will take shape in the coming year.

In a formal statement, the 68-year-old emphasized his promise to work closely with Speaker Mike Johnson, Majority Leader Steve Scalise, Majority Whip Tom Emmer and the chairwoman of the House Republican Conference Lisa McClain in the future.

He also mentioned that he looks forward to working with President-elect Donald Trump and Senate Banking Committee Chairman Tim Scott on what he described as “a new era of American prosperity” for all citizens.

Crypto legislative efforts

The Financial Services Committee oversees critical areas including the Federal Reserve, Wall Street regulations and the increasingly scrutinized cryptocurrency industry. Hill, who currently chairs the Subcommittee on Digital Assets, Financial Technology and Inclusion, has been a vocal proponent of crypto-related legislation.

His efforts include championing bills to clarify regulatory jurisdiction between the Securities and Exchange Commission (SEC) and the Commodities and Futures Trading Commission (CFTC). He has also collaborated with California Rep. Maxine Waters on stablecoin legislation, although the bill was ultimately not introduced.

Additionally, the Arkansan has pledged to investigate Operation Chokepoint 2.0, which he described as an initiative to target the cryptocurrency industry through politicized ouster.

Trump has previously pledged to end the Biden administration’s war on crypto. After his re-election, reports emerged that his transition team was considering several crypto-friendly candidates for key regulatory positions.

Since then, the president-elect has appointed David Sacks as AI and Crypto Czar and Paul Atkins as the new chairman of the SEC. Hill will officially assume the leadership role when the new session of Congress convenes on January 3, 2025.

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