French Hill has been appointed as the chairman of the US House Financial Services Committee. He is known for his work on several cryptocurrency-related bills, reports The Block.
The current committee head, Patrick McHenry, will step down at the end of the year. He played a pivotal role in advancing the stablecoin payment bill and the Financial Innovation and Technology Act (FIT21).
Hill leads the group focused on digital assets and is associated with the development of the two aforementioned documents.
The new committee head will also prioritize addressing allegations of banks being hindered from servicing crypto firms.
Hill, representing Arkansas, faced competition from other crypto-friendly candidates: Andy Barr from Kentucky, Bill Huizenga from Michigan, and Frank Lucas from Oklahoma.
All four contenders voted in favor of FIT21 and the repeal of SAB 121. The latter effectively prohibits regulated banking organizations from offering digital asset custody.
In July, the US House of Representatives failed to gather the necessary two-thirds majority to override the presidential veto on the bill to repeal SAB 121.
Earlier, Sygnum stated that the establishment of a favorable regulatory framework by the US Congress would determine the trajectory of altcoins. Experts highlighted FIT21 and the stablecoin payment bill as key elements.
