The Chief Legal Officer of Ripple and other industry professionals support French Hill as the new chairman of the House Financial Services Committee.

Odaily Planet Daily reported that previously, crypto supporter and Arkansas Congressman French Hill defeated three other competitors to win the position of Chairman of the Financial Services Committee. Hill currently serves as the Vice Chairman of the committee and heads the subcommittee on digital assets, financial technology, and inclusion, emphasizing his gratitude for the opportunity to chair the committee.

In a statement, Hill said, "I am honored by the trust of my colleagues." The Congressman also outlined his priorities, stating his commitment to working with House Speaker Mike Johnson, Majority Leader Steve Scalise, and Senate Banking Committee Chair Tim Scott to "formulate sensible economic policies that usher in a new era of American prosperity for all citizens nationwide."

Outgoing Chairman Patrick McHenry praised Hill's leadership skills, particularly his expertise in financial technology and innovation. McHenry stated, "French's experience in the private sector, Treasury, and as Vice Chairman has prepared him well for this role." He emphasized, "Under French Hill's leadership, the Republican Party will ultimately establish a clear regulatory framework and strong consumer protections for the digital asset ecosystem based on the groundwork laid in this Congress." McHenry also highlighted Hill's contributions to advancing key legislation, including the Financial Innovation and Technology for the 21st Century Act (FIT21).

Hill's appointment has garnered support from leaders in the crypto industry and lawmakers. Former Acting Comptroller of the Currency and former Chief Legal Officer at cryptocurrency exchange Coinbase Brian Brooks praised Hill's "intelligence, growth mindset, and innovative outlook." Ripple's Chief Legal Officer Stuart Alderoty emphasized Hill's potential to promote regulatory transparency for digital assets, stating, "As Chair of the Digital Assets Subcommittee, Congressman Hill is prepared to lead the charge for regulatory transparency, continuing the momentum from the last Congress on market structure and stablecoin legislation." Others in the cryptocurrency and financial sectors, including the Blockchain Association and the Digital Chamber, have also expressed their support for Hill's leadership. (Bitcoin.com)

In previous news, the incoming Chairman of the U.S. House Financial Services Committee, Congressman French Hill, stated that the committee will focus on easing bank regulations, addressing capital formation issues to enable more companies to go public, and tackling the market structure of cryptocurrencies. In an interview with CNBC, Hill also mentioned that he has not yet decided whether the U.S. should establish a Bitcoin reserve.