Rep. French Hill, a staunch supporter of the crypto sector, secured the House Financial Services Committee chairmanship on Thursday.
Hill (R-Arkansas) will take the reins from fellow GOP lawmaker Patrick McHenry (R-North Carolina), who didn’t seek reelection this year. McHenry is also a vocal digital asset advocate.
Hill has an “A” rating from Stand With Crypto, a digital asset advocacy group backed by top US crypto exchange Coinbase. He co-sponsored the pro-crypto House Resolution 109, which would have reversed the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121.
SAB 121 is a guidance bulletin that states certain companies should label digital assets as liabilities on their balance sheets, even if they are simply holding them for customers.
The House Resolution passed the House and Senate earlier this year but was vetoed by President Joe Biden in May. A House effort to overturn the veto failed to secure the necessary two-thirds majority in July.
The Arkansas lawmaker has also blasted the Federal Deposit Insurance Corporation (FDIC) for allegedly having “pressured banks to sever ties with entire industries like crypto.”
Hill promised in November that the House Financial Services Committee would work with President-elect Donald Trump to halt that pressure and conduct an investigation.
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