ChainCatcher news, previously, cryptocurrency supporter and U.S. Representative from Arkansas, French Hill, defeated three other competitors to win the position of Chairman of the Financial Services Committee.Hill currently serves as the Vice Chairman of the committee and heads the subcommittee on Digital Assets, Financial Technology, and Inclusion. He emphasized that he is very grateful for the opportunity to serve as the chairman of the committee.Outgoing Chairman Patrick McHenry praised Hill's leadership skills, particularly his expertise in financial technology and innovation. McHenry stated, "French's experience in the private sector, the Treasury Department, and as Vice Chairman has prepared him well for this role." He emphasized, "Under French Hill's leadership, the Republicans will ultimately establish a clear regulatory framework and strong consumer protections for the digital asset ecosystem based on this Congress." McHenry also highlighted Hill's contributions to advancing key legislation, including the Financial Innovation and Technology for the 21st Century Act (FIT21). Hill's appointment has garnered support from leaders in the cryptocurrency industry and lawmakers. Former Acting Comptroller of the Currency and former Chief Legal Officer of cryptocurrency exchange Coinbase, Brian Brooks, praised Hill's "intellect, growth mindset, and innovative outlook."

ChainCatcher news, according to Cointelegraph, the new chairman of the U.S. House Financial Services Committee, French Hill, stated that the U.S. urgently needs a cryptocurrency market structure bill, which is the "top priority" for the Republican Party, and plans to introduce a comprehensive cryptocurrency market structure bill within the first 100 days of the upcoming legislative session.The approval of the market structure bill would eliminate the regulatory uncertainty that has plagued the U.S. cryptocurrency industry for years, and supportive legislation for cryptocurrency could pave the way for the U.S. to promote digital asset innovation and prevent cryptocurrency companies from outsourcing offshore. French Hill also criticized the current regulatory approach under SEC Chairman Gary Gensler.He said, "Under Chairman Gensler's leadership, we have not established traffic rules. We only have enforcement regulation. This does not help the U.S. succeed, nor does it aid technological advancement, Web3 innovation, or the application of blockchain in public companies and financial services."

ChainCatcher news, according to The Block, crypto supporter and U.S. Congressman French Hill from Arkansas defeated three other competitors to win the position of Chairman of the Financial Services Committee.It is reported that French Hill stated in July's Unchained podcast that stablecoin and market structure legislation would be the two bills he most wants to pass after becoming chairman.

ChainCatcher news, Congressman French Hill may play a key role in shaping financial services priorities next year. He expressed concerns about the de-banking of the cryptocurrency industry and plans to closely examine this issue in the new year.Venture capitalist Marc Andreessen stated in a recent interview on Joe Rogan's podcast that the U.S. government had pressured banks to close certain accounts related to cryptocurrency and other industries.Hill said during a technology and finance-focused hearing held by the House Financial Services Committee on Wednesday, "There is no patience for this from either party. Legitimate businesses in this great country of America should have the freedom to access banking and financial services. We have seen this time and again. This committee will take a strong stance on this, and we have received documents and are reviewing them. We will continue to review this before the end of this Congress and into the next Congress."

ChainCatcher News, U.S. Congressman and Arkansas Republican French Hill stated in an interview that Republican SEC Commissioner Hester Peirce "may become the new acting chair of the U.S. SEC."Hill said, "We look forward to Trump's appointment of a new SEC chair, and after Gary Gensler steps down on January 20 next year, a Republican will become the acting chair of the SEC. That person could be Hester Peirce------she is very likely to become the acting chair of the SEC."Regarding Gary Gensler's announcement of his impending departure, Hill remarked, "Gensler has been quite disappointing for the crypto ecosystem." This is because Gensler has taken an "enforcement-first" approach, and "Gensler's views on the crypto industry are almost contradictory."Hill added that the SEC cannot address all the issues currently facing the U.S. crypto industry. Congress must work with the SEC to pass legislation to ensure fair enforcement of digital assets.

ChainCatcher news, U.S. Congressman French Hill expressed optimism that the crypto market structure bill and stablecoin legislation will be considered before the end of 2024. Hill noted during a discussion at Washington DC's Fintech Week that these two bills may gain traction during the "lame duck period" after the November elections.Additionally, he emphasized that if these bills cannot pass this year, they will become priority issues for 2025. Currently, the House has passed the FIT 21 bill, which gives the Commodity Futures Trading Commission the authority to regulate digital commodities.

ChainCatcher news, according to The Block, U.S. Congressman French Hill from Arkansas is running to become the next chairman of the House Financial Services Committee. This Arkansas Republican, who has a friendly attitude towards cryptocurrency, is seeking to replace the current chairman, Patrick McHenry from North Carolina.It is reported that Patrick McHenry has announced his plan to retire in early 2025.

ChainCatcher News, the U.S. House of Representatives Subcommittee on Digital Assets, Financial Technology, and Inclusion has scheduled a hearing to discuss stablecoins. This subcommittee is part of the House Financial Services Committee; the Digital Assets and Financial Technology Subcommittee is chaired by Congressman French Hill and is a newly added subcommittee following the takeover of the Financial Services Committee by House Republicans.The theme of the meeting is: Understanding the role of stablecoins in payments and the necessity of legislation. The hearing is set to begin on Wednesday, April 19, 2023, at 10 AM and will be livestreamed on the committee's website. (Source link)