Ripple's Chief Legal Officer and other industry figures support French Hill as the new chairman of the U.S. House Financial Services Committee

Earlier, crypto supporter and U.S. Rep. French Hill of Arkansas defeated three other competitors to win the position of Chairman of the Financial Services Committee. Hill, who currently serves as Vice Chairman of the Committee and heads the Committee's Digital Assets, Financial Technology and Inclusion Subcommittee, emphasized that he was very grateful for the opportunity to serve as Chairman of the Committee. "I am honored by the trust my colleagues have placed in me," Hill said in a statement. The congressman also outlined his priorities and said he is committed to working with House Speaker Mike Johnson, Majority Leader Steve Scalise and Senate Banking Committee Chairman Tim Scott to "develop common-sense economic policies and create a new era of American prosperity for all citizens across the country." Outgoing Chairman Patrick McHenry praised Hill's leadership, especially his expertise in financial technology and innovation. “French’s experience in the private sector, at the Treasury Department, and as Vice Chairman prepares him for this role,” McHenry said. “Under French Hill’s leadership, the Republican Party will build on this Congress and finally develop a clear regulatory framework and strong consumer protections for the digital asset ecosystem,” he stressed. McHenry also highlighted Hill’s contributions in advancing key legislation, including the Financial Innovation and Technology for the 21st Century Act (FIT21). Hill’s appointment has won support from crypto industry leaders and lawmakers. Brian Brooks, former acting Comptroller of the Currency and former chief legal officer of cryptocurrency exchange Coinbase, praised Hill’s “intelligence, growth mindset, and innovative outlook.” Ripple Chief Legal Officer Stuart Alderoty highlighted Hill’s potential to promote regulatory clarity for digital assets, saying, “As Chair of the Digital Assets Subcommittee, Congressman Hill is poised to lead the charge for regulatory clarity and continue the momentum of the last Congress on market structure and stablecoin legislation.” Others in the cryptocurrency and financial space echoed that sentiment, including the Blockchain Association and the Chamber of Digital Commerce, who have also voiced their support for Hill’s leadership. (Bitcoin.com) Previous news, Congressman French Hill, who is about to take office as chairman of the U.S. House of Representatives Financial Services Committee, said that the committee will focus on relaxing bank regulations, solving capital formation problems so that more companies can go public, and solving the market structure of cryptocurrencies. Hill also said in an interview with CNBC that he has not yet decided whether the United States should establish a Bitcoin reserve.