Crypto-Lawmaker’s Bid for 2025 Financial Services Committee Leadership

Arkansas Representative French Hill, who currently chairs the United States House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, has plans to step into a leadership role for the full committee. This decision comes as Congressman Patrick McHenry, the current chair of the full committee, will be departing. A report from Punchbowl News on March 17 revealed that Hill is among the contenders to become the chair of the full financial services committee in January 2025, after McHenry’s term concludes. McHenry had announced in December 2023 that he would not be seeking re-election after serving for 20 years.

Hill has been leading the digital assets subcommittee since its establishment in January 2023 and also holds the position of vice chair on the full House committee. Under their leadership, the committee has held hearings on various crypto-related matters, including the financing of terrorism and money laundering. Hill’s communications director, Brooke Nethercott, stated that he has been discussing the possibility of seeking the House Financial Services chairmanship with his colleagues since McHenry’s announcement. Nethercott also emphasized that Hill’s decision to seek the chairmanship draws from his extensive four-decade experience in both the public and private sectors of the financial services industry.

The outcome of the House committee leadership will depend on whether Republican lawmakers maintain the majority in the chamber following the 2024 elections in the United States. The balance of power in the House of Representatives, Senate, and the presidency is currently up for grabs between Democratic and Republican lawmakers. In an interview in January 2024, Hill expressed his hope that certain crypto bills would pass the full committee by the end of the year.

Representative Hill’s potential ascension to the chairmanship of the House Financial Services committee highlights his growing influence in the field of digital assets and financial technology. As the industry continues to evolve, Hill’s leadership could shape policies and regulations surrounding cryptocurrencies and other emerging technologies. His experience and dedication in the financial services sector make him a strong candidate for this role. It remains to be seen whether he will secure the position, as the outcome will ultimately be determined by the results of the upcoming elections and the political landscape that follows.