Republican Congressman French Hill of Arkansas has been named the new chair of the powerful House Financial Services Committee. This is big news for the crypto industry.
Hill’s Crypto Advocacy
Hill is a known supporter of cryptocurrencies. He boasts an “A” rating from Stand With Crypto, a pro-crypto group backed by Coinbase. He’s actively championed legislation favorable to the crypto space. For example, he co-sponsored House Resolution 109, which aimed to overturn a Securities and Exchange Commission (SEC) rule requiring companies to list certain digital assets as liabilities on their balance sheets. While the resolution passed both the House and Senate, President Biden vetoed it. A subsequent attempt to override the veto failed.
Taking on Regulators
Hill has also been critical of the Federal Deposit Insurance Corporation (FDIC), accusing them of pressuring banks to cut ties with the crypto industry. He’s vowed to investigate these claims and work to stop this alleged pressure.
What This Means
Hill’s appointment to this key committee position suggests a potentially friendlier regulatory environment for cryptocurrencies in the future. His track record shows a clear preference for policies that support the crypto industry’s growth. However, it’s important to remember that the legislative process is complex, and the outcome of any future crypto-related legislation remains uncertain.
