French Hill, a distinguished political figure from Arkansas and the current chair of the United States House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, is aiming for a more significant role in the world of finance and digital assets. With Patrick McHenry announcing his decision not to run for another term as committee chairman, effective January 2025, Hill is making moves to take the reins. The financial landscape, teeming with innovation and regulation, could see Hill becoming a pivotal figure at its center as he vies for the prestigious position of full committee chairman.
The Journey to the Top
Since assuming his role at the digital assets subcommittee’s inception in January 2023, Hill has been instrumental in driving crucial conversations surrounding crypto. From terrorism financing to intricate money laundering schemes, Hill’s contributions extend beyond mere participation; he currently serves as the vice chair of the full House committee, working closely with McHenry to ensure financial services are prioritized. With a strong background in the financial sector, amassing an impressive four-decade career in both public and private sectors, Hill believes it’s his moment to ascend to committee chairmanship.
The Road to Leadership
Brooke Nethercott, Hill’s communications representative, shared insights with Cointelegraph on the ongoing discussions between Hill and his Republican colleagues regarding his potential bid for the House Financial Services Committee chairmanship. Given Hill’s extensive experience in financial services, he is optimistic about this new endeavor and intends to seize the opportunity if his party retains control of the House following the 2024 elections. However, as in all captivating narratives of ambition and power, there’s a caveat: Hill’s aspirations hinge on his party maintaining the majority in the House.
Steering the Course of Digital Assets
As digital assets continue to evolve at an unprecedented pace, Hill and his trusted allies in the House, including Patrick McHenry and Mike Flood, have raised concerns about the Consumer Financial Protection Bureau (CFPB) and its proposed rule. Introduced in November 2023, this rule aims to extend CFPB’s supervisory authority over digital assets. The crux of their objection lies in the ambiguous definition of “funds” and its potential implications on self-hosted wallet transactions.
The trio, along with the Crypto Council for Innovation, shares deep concerns about this proposed rule. They argue that it could create regulatory fragmentation and advocate for a pause in its implementation while they explore the consequences. Hill, McHenry, Flood, and their supporters are advocating for an extended comment period to better understand the rule’s impact on digital assets.
