Rep. French Hill is new chair of House Financial Services Committee

Representative French Hill won the Republican race to become the next Chairman of the U.S. House Financial Services Committee.

Crypto-friendly Hill defeated Rep. Andy Barr of Kentucky, Rep. Frank Lucas of Oklahoma and Rep. Bill Huizenga of Michigan to secure the vote as the next chair of the influential committee. Axios reported this on December 12.

Hill will now lead the House’s efforts on cryptocurrency legislation, banking policy, housing and other financial services. His leadership comes as President Donald Trump’s pro-crypto administration has sought to reshape the U.S. approach to digital assets, starting in January.

Hill, who is retiring House Financial Services Committee Chairman Patrick McHenry, has expressed his intention to investigate bank banking allegations affecting the digital asset industry.

Outgoing Chairman McHenry played a key role in Congress’ bill for stablecoin regulations and the Financial Innovation and Technology Act for the 21st Century, known as the FIT21 bill.

The House of Representatives voted in May to adopt FIT21, a move widely celebrated by the crypto industry. The market structure bill is expected to bring greater regulatory clarity to digital assets amid the ongoing jurisdictional battle between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission.

TTrump’s election has already led to significant changes, and many observers see it as a turning point for crypto policy in the US. The anti-crypto stance of the Joe Biden administration is expected to fade into the background. SEC Chairman Gary Gensler will resign on January 20, and Trump has chosen crypto pal Paul Atkins as the next chairman.

Changes are also underway at the CFTC. Reports indicate that former commissioner Brian Quintenz is poised to become the next CFTC chairman. Trump’s team is also reportedly considering the CFTC as the regulator of cryptocurrency.