**Pro-Crypto Lawmaker Eyes House Financial Committee Leadership**
Representative French Hill of Arkansas, the current Chair of the United States House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, is aiming to take over the leadership of the entire committee after the departure of Patrick McHenry.
McHenry, who has been in office for twenty years, announced his decision not to seek re-election in December 2023. Accordingly, Hill is one of the contenders seeking to lead the full financial services committee starting in January 2025, coinciding with the completion of McHenry’s term.
Having led the digital assets subcommittee since January 2023 and serving as the vice chair of the House committee, Hill has been instrumental in conducting hearings addressing a range of cryptocurrency-related issues, including concerns about terrorism financing and money laundering.
In light of McHenry’s decision not to run again, Hill has engaged with his colleagues to explore the possibility of pursuing the House Financial Services chairmanship. Drawing on extensive experience in the financial services sector spanning four decades, Hill has made the decision to seek the committee chairmanship.
The outcome of the House committee leadership contest hinges on whether Republican lawmakers can retain the majority in the chamber following the 2024 elections in the United States. With control of the House of Representatives, Senate, and the presidency all up for grabs, the balance of power will be crucially influenced by Democratic and Republican legislators.
When interviewed in January 2024, Hill shared his optimism about the potential passage of key cryptocurrency-related bills by the full committee by year-end. Meanwhile, prominent figures in the cryptocurrency industry have established a well-funded political action committee (PAC) called Fairshake, focusing on key Senate races to potentially sway the balance of power in Congress.
Fairshake has recently invested over $10 million to effectively oppose a Democratic U.S. Senate candidate in California, a move that significantly impacted the primary results. Leveraging substantial backing from the crypto industry, Fairshake aims to ensure that elected candidates advocate for necessary regulations within the cryptocurrency space.
Around 73% of US voters seek presidential candidates with a comprehensive understanding of innovative technologies like artificial intelligence (AI) and cryptocurrencies. Additionally, a report from Coinbase highlights the significant impact of California voters who own cryptocurrencies on the upcoming 2024 elections.
78% of crypto holders in California believe policymakers should support new, innovative technologies, indicating their intention to vote for candidates who align with these principles.
