Pro-Crypto French Hill Leads Congress’ Financial Watchdog

Crypto News

Crypto Gets a Boost as French Hill Leads Congress’ Financial Watchdog

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 16, 2024

Key Takeaways

French Hill’s appointment as Financial Services Chair boosts crypto's presence in Congress;
Hill will address crypto companies’ banking challenges and push for fairer financial access;
Hill aims to tackle banking barriers faced by crypto companies, addressing concerns like "Operation Chokepoint 2.0".

Stop overpaying - start transferring money with Ogvio. Sign up, invite friends & grab Rewards now! 🎁

Crypto Gets a Boost as French Hill Leads Congress’ Financial Watchdog

BITDEGREE IN YOUR SOCIAL FEED

Representative French Hill (R-Ark.) has been appointed by House Republicans to head the Financial Services Committee.

This appointment will grant Hill, a crypto supporter, a role in overseeing Wall Street and regulatory developments in Congress.

The decision was made after a closed-door selection process. Hill, who already chairs the committee's digital asset panel, has supported several crypto industry initiatives, including regulation of stablecoins and broader market reforms.

How to Buy Crypto SAFELY With a Credit Card (Animated)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Hill secured his new position after a second-round vote on December 12. He outperformed three other candidates with pro-crypto stances, including Representative Andy Barr of Kentucky.

During a recent December hearing, Hill emphasized his commitment to improving access to financial services for crypto businesses. He said:

Legal businesses in this great country should have the freedom to bank and have financial services.

Hill's committee has broad authority, from overseeing Federal Reserve policies to regulating Wall Street and scrutinizing the cryptocurrency industry.

One area the committee will examine is the alleged regulatory strategy labeled "Operation Chokepoint 2.0", which critics claim attempts to limit crypto companies’ access to traditional banking. Hill’s track record suggests he will challenge these measures and strive to create a more fair banking environment for the industry.

This leadership shift could mark the beginning of legislative progress for the digital asset industry in the coming year.

As French Hill steps into his influential new role, Brian Quintenz is making headlines as a potential pick for CFTC Chair under Trump. Could this be crypto’s next big win? Read the full story.