KEY POINTS
- Hill said he is looking forward to working with Trump to deliver 'common-sense' policies
- The Arkansas congressman has an A rating on Stand With Crypto
- He recently criticized the alleged debanking of crypto leaders and firms under OCP 2
The House of Representatives' Steering Committee has elected Rep. French Hill, R-Ark., to become the next Chairman of the House Financial Services Committee, drawing positive responses from some prominent names in the cryptocurrency industry.
Hill will be replacing outgoing Chair Patrick McHenry, who is known for his pro-crypto stance, is leaving Congress at the end of the year and is on the role for a term-limited period.
Hill Thanks Colleagues For The Trust
In a statement following his election into the role, Hill said he is "humbled" for having been chosen to lead the Committee as its next leader. He also thanked them for the trust and said he is looking forward to working alongside other Committee leaders starting in 2025.
He also expressed excitement for his future work with President-elect Donald Trump and Senate Banking Committee Chairman Tim Scott "to bring common-sense economic policies" for the country's economic progress.
I am humbled that my colleagues have placed their trust in me to lead @FinancialCmte as their next Chairman. It was a privilege to join my exceptional colleagues, @RepAndyBarr, @RepHuizenga, and @RepFrankLucas, in sharing our visions for this committee. https://t.co/7XNgGrLRJy
— French Hill (@RepFrenchHill) December 12, 2024
Is Hill Good For Crypto?
For starters, Hill has an A rating (very supportive) on nonprofit Stand With Crypto. He voted in favor of crypto-centric bills such as FIT21 and the House Joint Resolution that sought to overturn the U.S. Securities and Exchange Commission's (SEC) infamous SAB 121 accounting bulletin.
Based on his comments around blockchain, cryptocurrencies, and his stance against CBDCs (central bank digital currencies), it appears Hill has been a supporter of the sector since early 2022.
That year, Hill said he understands the American people's concerns about CBDCs potentially being used by the government as a surveillance tool to look into the financial activity of citizens.
Following the shocking fall of former crypto exchange giant FTX, Hill called for "a bipartisan solution to defining digital assets, how they should be valued, and how their users should be protected."
His comments then suggested that he agreed with crypto firms demanding new regulations around digital assets and not relying on existing rules to regulate the emerging industry.
In 2023, he said he wants to make sure the U.S. is a center of innovation in fintech, blockchain, and distributed ledger technology (DLT).
We want to make sure that America is the place for innovation in FinTech and blockchain and distributed ledger technology is part of that FinTech future.
— French Hill (@RepFrenchHill) January 26, 2023
This morning, I joined @SquawkCNBC to discuss crypto and Financial Technology.
My interview, below:https://t.co/TDztq1muhX
He has repeatedly called out outgoing SEC Chair Gary Gensler for his leadership that led the Wall Street regulator to insist on "unreasonable mandates that negatively affect businesses and the crypto ecosystem."
@FinancialCmte is countering @GaryGensler and @SECGov on their unreasonable mandates that negatively affect businesses and the #crypto ecosystem. America should be the leader in web 3 development and digital asset innovation.
— French Hill (@RepFrenchHill) August 11, 2023
WATCH⬇️ | @MorningsMaria pic.twitter.com/zQju62oFcf
Last month, he slammed the alleged Operation Choke Point 2.0 (OCP 2), which is said to have been a strategy by the Biden administration to coordinate with banks and regulators to "debank" crypto firms and crypto executives.
Under Operation Choke Point 2.0, @FDICgov politically targeted American business and pressured banks to sever ties with entire industries like crypto.
— French Hill (@RepFrenchHill) November 20, 2024
Next Congress @FinancialCmte stands ready to work with @realDonaldTrump to halt and reverse these practices, and finally… pic.twitter.com/SsE2C7Fp9l
Crypto Figures React to Hill's Election
Many crypto users have congratulated Hill for getting the new leadership role, including influential figures in the crypto space such as Jayson Browder, the SVP of Government Affairs and Social Responsibility at Bitcoin miner MARA.
Congratulations, Chairman Hill. I'm glad the bowtie passed to you, and I've worked with you and your staff and think highly of your integrity and respect for the rule of law.
— Austin Campbell (@CampbellJAustin) December 13, 2024
Well deserved.
Amazing news - no better person for this job. Congratulations!
— Avichal - Electric ϟ Capital (@avichal) December 12, 2024
Congrats, Rep. Hill! 🎉 Well-deserved!
— Laura Shin (@laurashin) December 12, 2024
Other notable crypto figures who congratulated Hill were Tony Edward of the Thinking Crypto podcast, WSPN Payment CEO Austin Campbell, Electric Capital co-founder Avichal Garg, Lightspark CEO and co-founder David Marcus, Unchained podcast host Laura Shin, and many more.
