- Hill won after a second round vote, beating three other crypto-friendly Republicans
- Current Chair Patrick McHenry is retiring in on January 25, 2025
- Hill has championed several crypto bills, including legislation to regulate digital assets
Crypto-friendly French Hill will take over as Chair of the US House Financial Services Committee in next year’s new Congress.
Republican Hill won the race on December 12 against representatives Andy Barr of Kentucky, Bill Huizenga of Michigan, and Frank Lucas of Oklahoma, all of whom are friendly toward crypto.
In a statement following his win, Hill said he was “humbled” to become the next Chair of the House Financial Services Committee.
He added that he was looking forward to working “with President Trump 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.”
Hill will take over the position from the current Chair Patrick McHenry who is stepping down on January 25, 2025.
McHenry said: “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.”
The Financial Services Committee is considered a powerful agency in the US, and with Hill leading the organization, he will work with Trump’s administration on a range of issues, including crypto.
Hill has championed a number of crypto bills, including legislation to regulate digital assets, which passed the US House in May.
Hill’s appointment as the new Chair of the House Financial Services Committee follows the nomination of Paul Atkins as the incoming Securities and Exchange Commission (SEC) Chair.
Current SEC Chair Gary Gensler is stepping down in January 2025.
Trump has also named David Sacks as the lead policy advisor on artificial intelligence and crypto, dubbing him the “White House AI and Crypto Czar.”
