Crypto-friendly Rep. French Hill seeks to lead the House Financial Services Committee

Rep. French Hill is jumping into the race to be the next chair of the House Financial Services Committee. 

The Arkansas Republican, who has been friendly toward crypto, is looking to chair that committee, replacing current Chair Patrick McHenry, R-N.C. McHenry, who announced his plans to retire at the beginning of 2025. 

PunchBowl News first reported the news on Sunday. 

“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,” said Brooke Nethercott, Hill’s communications director, in an emailed statement to The Block. “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.”

Hill’s crypto background

Hill, who currently leads the House Financial Services subcommittee focused on digital assets, has worked on crypto legislation regarding stablecoins and another that takes a comprehensive approach to regulating crypto. Hill has said he is optimistic about the prospects for both bills. 

“Congressman Hill had been a champion in prioritizing the creation of robust regulatory frameworks for digital assets,” said Cody Carbone, vice president of policy for the Chamber of Digital Commerce, in a statement. “We look forward to continue working with him on creating rules that promote innovation and provide legal clarity.” 

Hill could become chair if Republicans still have control of the House of Representatives following election season later this year. Others have also vied for the chairmanship, including Rep. Blaine Luetkemeyer, R-Mo., though he pulled out of the ring when he announced his retirement in January.