Rep. French Hill, a crypto proponent, selected to lead House Financial Services Committee

Rep. French Hill, R-Ark., one of the sponsors of the House-passed digital asset bill, is slated to become chair of the House Financial Services Committee next year.

The House Republican Steering Committee selected Hill to take the place of Rep. Patrick McHenry, R-N.C., who’s leaving Congress at the end of the year after he chose not to seek re-election. Based on his record, it’s likely that Hill, who’s currently vice chair of the House Financial Services Committee, will prioritize passing digital asset legislation as chair — something the committee started working on this Congress.

In July 2023, the House Financial Services Committee advanced the Financial Innovation and Technology Act for the 21st Century Act, or FIT 21 Act, along with the House Agriculture Committee. Hill — who has chaired the House Subcommittee on Digital Assets, Financial Technology and Inclusion since January 2023 — is one of the original sponsors of the bill, which grants the Commodity Futures Trading Commission new oversight of the digital commodities market while also designating the SEC as the regulator for the digital securities market.

The full House passed the bill in a 279-136 vote, with nearly all Republicans and 71 Democrats voting yes, in May of this year, though the bill is unlikely to pass the Senate and would likely need to be reintroduced in the next Congress.

“From stepping in on my behalf multiple times to lead committee Republicans to spearheading the landmark FIT 21, Congressman Hill has proven his capacity to lead this committee,” McHenry said in a Dec. 12 statement. “With French Hill at the helm, Republicans will build on our work from this Congress to finally enact a clear regulatory framework and robust consumer protections for the digital asset ecosystem.”

Crypto advocates and insiders have repeatedly called on Congress to pass digital assets legislation, as they say the regulatory landscape for digital assets is unclear.

Hill’s “leadership on writing clear rules of the road for crypto is precisely what Washington needs to protect American consumers and advance innovation,” said Nathan McCauley, CEO and co-founder of Anchorage Digital, a crypto platform for institutional investors, in a Dec. 13 statement.

“With stablecoin and market structure legislation at the top of the agenda, 2025 is shaping up to be a landmark year for crypto regulation. Rep. Hill is the leader we need to get it right,” McCauley added.

Hill said in a Dec. 12 statement that he was “humbled” that the House Republican Steering Committee “placed their trust” in him. The committee chose the Arkansas Republican over Reps. Andy Barr, R-Ky.; Bill Huizenga, R-Mich.; and Frank Lucas, R-Okla.

"I look forward to working alongside Speaker Mike Johnson, Majority Leader Steve Scalise, Majority Whip Tom Emmer, House Republican Conference Chair Lisa McClain, and our whole leadership team as we work in tandem with President Trump and Senate Banking Committee Chairman Tim Scott to bring common-sense economic policies that will produce a new era of American prosperity shared by all our citizens across our land,” Hill added.