Crypto-Friendly Rep. French Hill Wins Republican Race to Lead U.S. House Financial Services Committee

Rep. French Hill has secured the Republican nomination to become the next Chair of the U.S. House Financial Services Committee, beating out Rep. Andy Barr of Kentucky, Rep. Frank Lucas of Oklahoma, and Rep. Bill Huizenga of Michigan.

Hill’s leadership will play a crucial role in shaping cryptocurrency legislation and banking policy in the United States. As the next chair of the influential committee, he will be responsible for leading the House’s efforts on financial services, including housing policy and digital assets regulation.

Implications for the Crypto Industry

Rep. Hill’s victory comes as the pro-crypto administration of President Donald Trump prepares to reshape the U.S. approach to digital assets starting in January. Hill has expressed his intention to investigate debanking allegations affecting the digital assets industry.

Outgoing Chair Patrick McHenry played a key role in Congress’ stablecoin regulations bill and the Financial Innovation and Technology for the 21st Century Act (FIT21 bill). The FIT21 bill, which was adopted by the House of Representatives in May, is expected to bring greater regulatory clarity to digital assets amidst the ongoing jurisdictional battle between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Changes in Crypto Policy and Regulation

President Trump’s election has already prompted significant changes, which many observers see as a turning point for crypto policy in the U.S. The anti-crypto stance of the Joe Biden administration is expected to fade into the background.

SEC Chair Gary Gensler is set to step down on January 20, and Trump has selected crypto-friendly Paul Atkins as the next chair. Additionally, there are changes underway at the CFTC, with former commissioner Brian Quintenz poised to become the next CFTC chair.

Trump’s team is also reportedly considering the CFTC as the regulator of crypto. This development could have significant implications for the cryptocurrency industry and its regulatory landscape.

For the latest news and updates on cryptocurrency and digital assets, visit Global Crypto News. Stay informed about the latest developments in the world of crypto policy and regulation.

Tips for Crypto Investors

  • Stay informed about changes in crypto policy and regulation.
  • Keep an eye on developments in the digital assets industry.
  • Consider the potential implications of regulatory changes on your cryptocurrency investments.
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