Crypto-Friendly French Hill Appointed Financial Services Chair
Rep. French Hill (R-Arkansas) has been appointed Chairman of the House Financial Services Committee in the 119th Congress. This change in leadership is particularly important for the cryptocurrency industry, which is expected to be subject to favorable regulation.
Hill was selected through a competitive process over Reps. Andy Barr (R-Ky.), Frank Lucas (R-Okla.) and Bill Huizenga (R-Michigan).
French Hill’s pro-crypto stance
this house financial services committee Plays a vital role in overseeing the Federal Reserve, wall streetand the crypto industry. Under Hill’s leadership, the committee is expected to take a pro-crypto stance.
Hill has previously Lead legislative work Regulate digital assetsestablish yourself as a knowledgeable advocate for the industry.
“I am deeply honored that my colleagues have trusted me to lead the House Financial Services Committee as its next chairman,” Hill explain in a statement.
Hill’s appointment as chairman comes at a critical moment Cryptocurrency regulations. Recently, the Federal Deposit Insurance Corporation (FDIC) has been criticized for its stance on crypto businesses.
District Court Judge Ana C. Reyes condemns FDIC Because of the lack of transparency in its communications with banks regarding cryptocurrency companies. Additionally, Judge Reyes asked the FDIC to amend its overly redacted letter.
Critics have called these actions “Operation Choke Point 2.0,The move was seen as an attempt to restrict the cryptocurrency industry’s access to banking services.
Rep. Hill expressed a strong commitment to addressing these regulatory challenges. He recently said the Financial Services Committee in the next Congress is prepared to work with the incoming administration to reverse these restrictive practices and conduct thorough investigations.
“In Operation Choke Point 2.0, the FDIC politically targeted U.S. businesses and pressured banks to cut ties with entire industries including cryptocurrencies. The Financial Services Committee stands ready to challenge Donald Trump in the next Congress Cooperate to stop and reverse these practices and ultimately conduct a comprehensive investigation.” explain November 20th.
The cryptocurrency community enthusiastically welcomed Hill’s appointment as a sign of potentially positive change. Under Hill’s leadership, the Commission will influence policymaking and encourage innovation while ensuring appropriate regulation of a dynamic digital economy.
With Hill assuming this key role, the financial sector, particularly the cryptocurrency sector, is looking forward to potentially more supportive regulatory conditions.
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