French Hill, a Republican politician, has been appointed chairman of the US House Financial Services Committee. This committee plays a critical role in the supervision, regulation, and legislation of financial institutions and markets in the United States.
Hill’s appointment is seen as positive news for the crypto sector as he is known as a proponent of digital assets. In the past, he initiated bills aimed at stablecoins and the market structure of crypto.
What will change?
Hill takes over the role from Patrick McHenry, who is also a well-known name within the crypto industry. McHenry has played an important role in the regulation of digital assets in recent years. At the time, Hill supported a bill by McHenry that should provide more clarity on crypto legislation, but this was rejected by President Biden.
The Biden administration is known for its hostile attitude towards the crypto sector. In contrast, Donald Trump, a potential candidate for the next election, appears to be taking a more pro-crypto position.
A possible turning point?
But who is French Hill, and what can we expect from his leadership? During a recent hearing, Hill expressed his concerns about the phenomenon of “debanking” within the crypto industry. This refers to the challenges crypto companies face in accessing financial services. Hill emphasized that legitimate businesses should have access to banking services.
Legitimate businesses in the United States, in this great country, should have the freedom to do banking and access financial services,” Hill said.
Hill indicated he will explore this issue further in the new year, suggesting crypto-related topics will remain high on his agenda.
Outlook for the crypto sector
Hill’s appointment may offer an opportunity to provide more clarity in US legislation surrounding digital assets. His proactive stance on crypto regulation could bring the United States one step closer to a robust and transparent legal framework for digital assets.
The coming months will provide more insight into how Hill fills his new role. For now, his plans seem promising for the crypto sector.
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Source: https://newsbit.nl/crypto-gezinde-politicus-wordt-voorzitter-house-financial-services-committee/
