French Hill has been appointed as the new chair of the House Financial Services Committee, succeeding Patrick McHenry.
Hill has strong ties to the crypto industry and has been a prominent advocate for digital assets. He holds an "A" rating from Stand With Crypto and co-sponsored House Resolution 109, which aimed to counteract the SEC's stance on classifying digital assets as liabilities. The resolution passed both the House and Senate but was vetoed by President Joe Biden.
Hill has criticized the FDIC for pressuring banks to cut ties with the crypto industry and has pledged to collaborate with President-elect Donald Trump to investigate these pressures.
The future of cryptocurrency regulation in the United States is uncertain, but Hill's leadership is expected to focus on reversing restrictive regulations and exploring new frameworks for integrating cryptocurrencies into the financial system. The House Financial Services Committee under Hill's leadership may play a crucial role in shaping the future of cryptocurrency regulation in the United States.