Arkansas Representative French Hill, who currently leads the United States House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, has set his sights on taking over the leadership of the full committee following the departure of Patrick McHenry. A recent report from Punchbowl News suggests that Hill is among the potential candidates to chair the full financial services committee starting in January 2025 when McHenry’s term comes to an end. McHenry had previously announced in December 2023 that he would not be seeking reelection after serving 20 years in office.
Hill has been serving as the chair of the digital assets subcommittee since its establishment in January 2023 and holds the position of vice chair on the full House committee. Under his and McHenry’s leadership, the committee has conducted hearings on various issues related to cryptocurrencies, including the financing of terrorism and money laundering.
According to Brooke Nethercott, Hill’s communications director, “Rep. Hill has been discussing the possibility of seeking the House Financial Services chairmanship with his colleagues ever since Chairman McHenry announced that he would not be seeking reelection. Drawing from these discussions, as well as his extensive experience of four decades in the public and private sectors of financial services, Rep. Hill has decided to pursue the committee chairmanship.”
The leadership of the House committee will ultimately depend on whether Republican lawmakers maintain a 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 hangs in the balance between Democratic and Republican lawmakers. In an interview in January 2024, Hill expressed his hope that certain cryptocurrency bills would be passed by the full committee by the end of the year.
Note: This article has been updated to include a statement from French Hill’s office.
Crypto-enthusiast legislator aspires to chair House Financial Services Committee in 2025