Representative French Hill, a staunch supporter of the crypto sector, secured the chairmanship of the House Financial Services Committee on Thursday.
Hill (R-Arkansas) will take over from fellow GOP lawmaker Patrick McHenry (R-North Carolina), who did not seek re-election this year. McHenry is also an outspoken proponent of digital assets.
Hill has an “A” rating from Stand With Crypto, a digital asset advocacy group backed by US crypto exchange Coinbase. He co-sponsored the pro-crypto House Resolution 109, which would have overturned the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121.
SAB 121 is guidance stating that certain companies must label digital assets as liabilities on their balance sheets, even if they simply hold 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 attempt to override the veto failed to achieve the necessary two-thirds majority in July.
The Arkansas lawmaker also condemned the Federal Deposit Insurance Corporation (FDIC) for allegedly “pressuring banks to cut ties with entire industries like crypto.”
Hill pledged 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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