This is the time of year when Republicans finalize their choices for House subcommittee and committee chairs.
Crypto fans will have noticed that Rep. French Hill has been nominated as the chair of the House Financial Services Committee. Glenn Thompson will also be retaining his role as Agriculture Committee chairman.
What have these members said about cryptocurrency and what might be coming up for the policy in next session?
French Hill
Hill served as the first ever chair of the House Subcommittee on Digital Assets, Fintech and Inclusion for two years.
Maxine Wassers, the chair of the 116th Congress created the Subcommittee. Under the leadership of Patrick McHenry who didn’t run for reelection, it was extended to include cryptocurrency issues. After extending its reach, hearings were held by the subcommittee on DeFi (Digital Financial Infrastructure), crypto market structure, and federal agency roles.
Hill was backed by both Democrats and Republicans after his announcement of nomination. Hill received bipartisan support Thursday following his nomination announcement.
Glenn Thompson
It may seem strange to you that the Agriculture Committee is involved in finance. The Agriculture Committee is a group that deals with a number of important issues. Ag Committee may prove vital as crypto advocates call for increased regulation coming from the CFTC rather than the SEC.
Thompson introduced the Digital Commodity Exchange Act last session — a bill that went on to influence FIT21, which passed through the Ag Committee and later the full House with backing from both parties. Majority of the bill is granting CFTC oversight authority over crypto spot market, a designation that agency leaders and industry players have supported.
Thompson, a cosponsor for FIT21 said that the legislation was drafted based last year. “extensive feedback from stakeholder and market participants.”
Bill “aims to close existing authority gaps, ensuring US leadership in financial and technological innovation,” He also added.
The House Republican Conference is scheduled to meet this week and must ratify the committee nominees.
In the Senate, it’s unclear if or when senators will vote on Caroline Crenshaw as SEC Commissioner before Congress breaks next week.
Sherrod brown, the chair of Senate Banking Committee Sherrod Brown, said on Wednesday that Republican senators were responsible for the delays. “corporate special interests and standing in the way of [Crenshaw’s] nomination.”
The next week is going to be very interesting.
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