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An Bitcoin-friendly Candidate was Elected as the Head of the US Congress: What were His Promises? - Coin Bulletin
French Hill, known for his crypto-friendly policies, has been elected as the chairman of the US House of Representatives Financial Services Committee.
The new chairman of the Financial Services Committee of the US House of Representatives has been determined as French Hill, a crypto-friendly figure. Republicans elected Hill on Thursday for the chairmanship of this critical committee, seen as the starting point for legislation related to digital assets.
Hill chairs the subcommittee on cryptocurrencies and has previously worked on stablecoin regulations and market structure-focused bills. Hill also mentioned that he has been focused on access issues to financial services in the crypto sector, particularly allegations of debanking.
Speaking at a session earlier this month, Hill emphasized that companies operating legally in the United States should have access to financial services freedom, saying, "Legal businesses in this great country should have the right to access banking services. We have seen this problem over and over again, and we will examine this issue in detail next year."
Hill's appointment came as former president Patrick McHenry retired in December 2023. McHenry was known for taking important steps in crypto regulations. During his tenure, he worked on a comprehensive bill addressing stablecoin regulation and the structure of the crypto market called FIT21.
Among the other names nominated for the committee chairmanship were Kentucky Representative Andy Barr, Michigan Representative Bill Huizenga, and Oklahoma Representative Frank Lucas, who are crypto-friendly politicians.
All candidates had also voted to cancel the controversial Securities and Exchange Commission's (SEC) SAB 121 accounting bulletin related to the crypto sector. SAB 121 has been criticized for making it difficult for banks to safeguard digital assets and requiring crypto assets to be recorded as liabilities on customer balance sheets. However, this decision was vetoed by President Joe Biden.