Republicans Select Pro-Crypto Representatives for Key House Committees
This is a segment from the Forward Guidance newsletter.
Republicans are finalizing their selections for House committee and subcommittee chairs.
Rep. French Hill has been nominated to chair the House Financial Services Committee, while Glenn Thompson will continue as chair of the Agriculture Committee.
Here’s an overview of their positions on crypto and potential policy developments:
French Hill
Hill previously served as the first chair of the House Subcommittee on Digital Assets, Financial Technology and Inclusion. The subcommittee was created during the 116th Congress and expanded to cover crypto matters under Chair Patrick McHenry. It has held hearings on DeFi, crypto market structure, and the role of federal agencies.
Following his nomination, Hill received bipartisan support, with Democrat Ritchie Torres expressing optimism about continued cooperation next session.
Glenn Thompson
Thompson's Agriculture Committee deals with commodities and derivatives markets, which intersect with crypto regulation. He introduced the Digital Commodity Exchange Act last session, influencing FIT21. This legislation aims to grant the CFTC authority over crypto spot markets, a move supported by both agency leadership and industry participants.
As a co-sponsor of FIT21, Thompson stated that the bill was drafted based on extensive feedback from stakeholders and aims to address authority gaps to maintain US leadership in financial and technological innovation.
Committee nominees require ratification from the House Republican Conference, expected to meet next week.
In the Senate, there is uncertainty regarding the confirmation vote for SEC Commissioner Caroline Crenshaw before Congress recesses next week. Senate Banking Committee Chair Sherrod Brown attributed the delay to Republican senators responding to corporate special interests.
Next week should present significant developments.