House Republicans have fixed Rep. French Hill (R-Ark.) to head Financial Services Committeegiving a cryptocurrency supporter a role in overseeing Wall Street and regulatory developments in Congress.
This change in leadership could usher in legislative progress for the digital asset industry in the next year.
According to sources cited by The Hill, the The decision was made in private.. Hill, who already chairs the committee’s digital assets panel, has supported several crypto industry initiativesincluding stablecoin regulation and broader market reforms.
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Hill he secured his new position after a second round of elections on December 12. He beat out three other candidates with pro-cryptocurrency stances, including Rep. Andy Barr of Kentucky.
During a recent hearing in December, Hill emphasized his commitment to improve access to financial services for crypto companies. He said:
Legal businesses in this great country should have the freedom to bank and provide financial services.
The Hill committee has broad authority, from oversee the Federal Reserve’s policies to regulate Wall Street and scrutinizing the cryptocurrency industry.
One area the committee will examine is alleged regulatory strategy called “Operation Chokepoint 2.0”which critics say attempts to limit crypto companies’ access to traditional banking. Hill’s track record suggests he will challenge these measures and strive to create a fairer banking environment for the industry.
As French Hill takes on his influential new role, Brian Quintenz is making headlines as a possible choice for CFTC chairman under Trump. Could this be the next big win for cryptocurrencies? Read the full story.
Having completed a master’s degree in Economics, Politics and Cultures of the East Asian region, Aaron has written scientific articles analyzing the differences between Western and collective forms of capitalism in the post-World War II era.
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