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Rep. French Hill, a Republican from Arkansas, is set to chair the House Financial Services Committee, signaling a positive shift for cryptocurrency regulation under President-elect Trump. Hill, known for his proactive stance on digital assets, aims to address banking access issues for the crypto industry and foster bipartisan support for new legislation. His leadership is anticipated to enhance regulatory clarity and support for digital assets in the upcoming Congress.
President-elect Donald Trump is building a crypto-friendly administration with key appointments, including Republican French Hill as chair of the House Financial Services Committee and Brian Quintenz as a leading candidate for CFTC chair. Hill, a moderate from Arkansas, will advance crypto-friendly legislation, while Quintenz, a former CFTC commissioner, aims to bridge digital assets and traditional finance. These moves signal a significant shift in the administration's approach to the digital economy, with other pro-crypto nominees also announced.
Chainlink's price has surged to $29.4, its highest since November 2021, driven by significant whale accumulation and strategic partnerships, including collaborations with Coinbase and Emirates NBD. The coin has maintained a bullish trend, surpassing critical resistance levels, with potential to reach $50 as it secures over $38 billion in total value. In U.S. politics, French Hill has been elected as the next Chair of the House Financial Services Committee, promising to advance cryptocurrency legislation under a pro-crypto administration, signaling a shift in regulatory approaches as key figures in the SEC and CFTC are set to change.
Arkansas Representative French Hill is set to chair the House Financial Services Committee in 2025 after winning a party steering committee decision against Republican challengers. He is expected to take over from Chair Patrick McHenry on January 3, coinciding with the start of the new Congress. Senator Tim Scott is anticipated to lead the banking committee, supporting pro-crypto legislation. House Republicans still need to ratify Hill's selection in a full conference vote.
Critics of the Public Company Accounting Oversight Board (PCAOB) see a renewed opportunity to dismantle the agency under a potential Trump administration, which may appoint officials aligned with a deregulatory agenda. The PCAOB, established post-Enron, has faced scrutiny for its increased inspections and penalties, prompting calls for a shift towards more balanced regulation. With Republicans gaining control in Congress, proposals to merge the PCAOB with the SEC could threaten its independence and effectiveness, raising concerns among industry veterans about the future of audit oversight.
Bill Huizenga
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French Hill appointed chair of House Financial Services Committee boosting crypto prospects
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