Pro-Crypto Arkansas Rep. French Hill Elected Chair of House Financial Services Committee

Dec 12, 2024, 08:34 PM

Rep. French Hill (R-Ark.) has been selected as the next chairman of the House Financial Services Committee, succeeding outgoing chair Rep. Patrick McHenry, who is retiring from Congress. Hill secured the gavel on the second ballot in a four-way race, defeating Reps. Frank Lucas, Bill Huizenga, and Andy Barr, with Lucas eliminated on the first ballot. Barr had been considered a strong contender with good relationships on the steering committee. Hill's extensive background in the banking industry positions him well for the role. He previously chaired the Subcommittee on Digital Assets, Financial Technology, and Inclusion. His selection has been widely praised by colleagues and industry leaders, including Gov. Sarah Huckabee Sanders, Rep. Rick Crawford, Rep. Steve Womack, and Rep. Ritchie Torres, who noted their strong bipartisan partnership over the past four years on issues such as AI, digital assets, and capital. Hill is known for his pro-crypto stance, and his leadership is expected to increase the chances of significant crypto legislation in the upcoming Congress.