KEY POINTS
- Hill is known for his work in crypto-friendly legislation, including one on stablecoins
- He said last week that the CFPB should 'not hinder' innovation in the digital assets realm
- He previously questioned the Federal Reserve's authority to issue a CBDC
Rep. French Hill, R-Ark., has officially revealed his intent to take over the leadership of the House Financial Services Committee.
Hill, known for having a positive attitude toward cryptocurrencies, is looking to replace the committee's chair, Rep. Patrick McHenry of North Carolina's 10th congressional district, who is set to retire at the beginning of 2025, PunchBowl News first reported Sunday.
The Arkansas lawmaker currently heads the subcommittee focusing on digital assets. He has worked on several crypto-friendly legislation, particularly on stablecoins and crypto regulations that have a comprehensive approach to allow for innovations.
Last week, Hill said during the Consumer Financial Protection Bureau (CFPB) hearing on the bureau's rule regarding its "larger participation" in digital payments that the CFPB should "go back to the drawing board" and "not hinder innovation or expand the CFPB's insatiable reach for more power and scope." The said hearing was titled "Bureaucratic Overreach or Consumer Protection? Examining the CFPB's Latest Action to Restrict Competition in Payments."
#WATCH: Chairman @RepFrenchHill at today's hearing on @CFPB's larger participants in digital payments rule:
— Financial Services GOP (@FinancialCmte) March 13, 2024
"The CFPB needs to go back to the drawing board, work to protect consumers, and not hinder innovation."
Read more 🔗https://t.co/afmMi8wjVf
📺 Watch his remarks 👇 pic.twitter.com/wLS10KXNvI
In January, he hailed the Securities and Exchange Commission's (SEC) decision to approve 11 spot Bitcoin exchange-traded funds (ETFs), calling it "a historic milestone for the future of the digital asset ecosystem."
Today's spot #Bitcoin ETF approvals marks a historic milestone for the future of the digital asset ecosystem. The @FinancialCmte will continue to enhance consumer protection in the crypto market through market structure and payment stablecoin legislation. https://t.co/oieaU5Y5ET
— French Hill (@RepFrenchHill) January 10, 2024
He also said in December that cryptocurrencies are the "future of not only finance, but the development of the internet." He noted that there needs to be a regulatory framework that allows for safe crypto investment while also facilitating innovation.
Digital assets are the future of development on the internet, and the United States must be a leader in this technology. We need a regulatory framework that facilitates innovation and investment for #crypto in a safe way. pic.twitter.com/PB5aVtIiwe
— French Hill (@RepFrenchHill) December 22, 2023
"Rep. Hill has been visiting with his colleagues about the possibility of seeking the House Financial Services chairmanship since Chairman McHenry announced he is not seeking reelection. Drawing on these conversations, as well as his four decades of public and private sector experience in financial services, Rep. Hill has decided he will seek the committee chairmanship," Hill's communications director, Brooke Nethercott, confirmed to The Block on Monday.
Hill is among the growing list of GOP lawmakers who have expressed opposition to a central bank digital currency (CBDC) due to concerns that consumer privacy will be violated. In October 2022, he said he was working to block efforts to get the Federal Reserve to issue a CBDC. He also joined other lawmakers in urging the Department of Justice (DOJ) to provide an assessment of the Fed's authority to issue a CBDC.
Meanwhile, five other Republicans are vying for McHenry's seat, including Pat Harrigan, a 2022 congressional candidate, and North Carolina state Rep. Grey Mills. If Hill wins the GOP nomination, he will face off with the Democratic Party's Ralph Scott Jr.
