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

Adoption Crypto Regulation Regulation
Last updated:
Author
Ruholamin Haqshanas
Author Categories
About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

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.

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.

More Articles

Blockchain News
Crypto VC Funding in 2024 Failed to Accelerate Despite Trump-Fueled Price Rally
Shalini Nagarajan
Shalini Nagarajan
2025-02-11 04:29:07
Blockchain News
Ukraine Gov’t Aims to ‘Legalize Crypto’ by Summer This Year – Senior Lawmaker
Tim Alper
Tim Alper
2025-02-11 04:20:40
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors