French Hill elected chairman of the U.S. House of Representatives Financial Service Committee, an opportunity for cryptocurrency legislation

The Republican Party has confirmed that Congressman French Hill, who supports Crypto Assets, will succeed as the Chairman of the House Financial Services Committee. He will lead this influential committee on domestic and international financial policies, bringing new opportunities for the legislative process related to Crypto Assets.

Promote encryption-friendly policies, French Hill takes the lead

According to reports from multiple media outlets, French Hill won the election on Thursday afternoon, defeating three other Republican lawmakers who are also friendly to cryptocurrency, including Andy Barr from Kentucky, Bill Huizenga from Michigan, and Frank Lucas from Oklahoma.

Currently, French Hill is the chairman of the subcommittee focusing on digital assets under the committee, and he has actively promoted multiple cryptocurrency bills in the past, including stablecoin regulation and market structure reform. He also pays close attention to the 'debanking' issue faced by the cryptocurrency industry, and emphasizes that a more in-depth investigation will be launched next year.

French Hill said earlier this month at a hearing:

In this great country of the United States, legitimate businesses should have the freedom to use banks and financial services. We have witnessed this unfair situation time and time again.

Continue the important mission of promoting legislation on Crypto Assets

French Hill takes over as the current chair of the Financial Service Committee from Patrick McHenry, a staunch advocate for Crypto Assets regulatory reform who announced his retirement at the end of last year. During his tenure, he promoted several major bills, including a stablecoin regulatory bill and the comprehensive 'FIT21 Act' (the '21st Century Financial Innovation and Technology Act') to regulate the structure of the Crypto Assets market.

At the final hearing on December 4, Patrick McHenry and other chairmanship candidates jointly supported the FIT21 bill and voted to try to overturn the SEC's SAB 121 guidance on digital asset custody.

SAB 121 requires financial institutions that custody Crypto Assets to record users' Crypto Assets as 'liabilities on the balance sheet', a provision that has raised concerns in the industry, as it is believed to potentially hinder banks from providing digital asset custody services. However, the resolution attempting to overturn the provision was vetoed by President Biden in the end.

<French Hill Elected Chairman of the US House Financial Services Committee, Cryptocurrency Legislation Sees Opportunity> This article was first published in Blockcast.