Pro-Crypto Lawmaker Targets Leadership of House Financial Committee in Next Term

Representative French Hill of Arkansas, who currently chairs the United States House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, has set his sights on assuming the leadership of the full committee following the departure of Patrick McHenry.According to a recent report from Punchbowl News, Hill is among the contenders vying to chair the full financial services committee starting in January 2025, coinciding with the end of McHenry’s term. McHenry, who has served in office for two decades, announced in December 2023 that he would not seek re-election.

Hill Chaired Digital Asset Subcommittee Since Establishment

Since its establishment in January 2023, Hill has been at the helm of the digital assets subcommittee and also holds the position of vice chair on the full House committee. Under the joint leadership of Hill and McHenry, the committee has conducted hearings addressing various issues related to cryptocurrencies, including the financing of terrorism and money laundering.“Rep. Hill has been visiting with his colleagues about the possibility of seeking the House Financial Services chairmanship since Chairman McHenry announced he is not seeking reelection,” Brooke Nethercott, Hill’s communications director, said. 

“Drawing on these conversations, as well as his four decades of public and private sector experience in financial services, Rep. Hill has decided he will seek the committee chairmanship.”

The outcome of the House committee leadership will depend on whether Republican lawmakers can maintain a majority in the chamber after the 2024 elections in the United States. The control of the House of Representatives, Senate, and the presidency is all up for contention between Democratic and Republican lawmakers. In an interview conducted in January 2024, Hill expressed his hopes for certain cryptocurrency-related bills to pass the full committee by the end of the year.

French Hill tells the Institute of International Bankers that HFSC Republicans' three top prorities for the rest of the year are House passage of McHenry's data privacy, stablecoin and crypto bills.

He also ticks off ESG, national security, and outbound investment legislation.

— Eleanor Mueller (@Eleanor_Mueller) March 11, 2024

Crypto Influences Senate Races

A well-funded political action committee (PAC) backed by prominent figures in the cryptocurrency industry has set its sights on key Senate races, with the goal of potentially shifting the balance of power in Congress. The PAC, called Fairshake, recently spent over $10 million successfully opposing a Democratic U.S. Senate candidate in California.The negative publicity led to Porter ending up in third place behind Rep. Adam B. Schiff and Republican Steve Garvey in the primary results.Leveraging substantial funding from the crypto industry, Fairshake aims to ensure that candidates elected in November will advocate for the establishment and adoption of much-needed regulations for the cryptocurrency industry.As reported, approximately 73% of US voters believe that US presidential candidates should have an informed perspective on innovative technologies like artificial intelligence (AI) and cryptocurrency. Likewise, a recent report from Coinbase claimed that California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections.It said that 78% of crypto holders in the state believe that policymakers should support “new, innovative, and disruptive technologies” and express their intention to vote for candidates who align with these views.