{"id":19528,"date":"2024-12-13T18:54:58","date_gmt":"2024-12-13T16:54:58","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-advocate-french-hill-to-lead-us-house-financial-services-committee\/"},"modified":"2024-12-13T18:54:58","modified_gmt":"2024-12-13T16:54:58","slug":"bitcoin-advocate-french-hill-to-lead-us-house-financial-services-committee","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-advocate-french-hill-to-lead-us-house-financial-services-committee\/","title":{"rendered":"Bitcoin Advocate French Hill to Lead US House Financial Services Committee"},"content":{"rendered":"<p>French Hill has been appointed as the chairman of the US House Financial Services Committee. He is known for his work on several cryptocurrency-related bills, reports <a href=\"https:\/\/www.theblock.co\/post\/330705\/rep-french-hill-secures-chairmanship-to-lead-the-house-financial-services-committee-reports\">The Block<\/a>.<\/p>\n<p>The current committee head, Patrick McHenry, will step down at the end of the year. He played a pivotal role in advancing the <a href=\"https:\/\/forklog.com\/en\/news\/us-senate-receives-revised-stablecoin-bill\">stablecoin payment bill<\/a> and the Financial Innovation and Technology Act (FIT21).<\/p>\n<p>Hill leads the group focused on digital assets and is associated with the development of the two aforementioned documents.<\/p>\n<p>The new committee head will also prioritize addressing allegations of banks being hindered from servicing crypto firms.<\/p>\n<p>Hill, representing Arkansas, faced competition from other crypto-friendly candidates: Andy Barr from Kentucky, Bill Huizenga from Michigan, and Frank Lucas from Oklahoma.<\/p>\n<p>All four contenders voted in favor of FIT21 and the repeal of <span data-descr=\"Staff Accounting Bulletin 121\" class=\"old_tooltip\">SAB 121<\/span>. The latter effectively prohibits regulated banking organizations from offering digital asset custody.<\/p>\n<p>In July, the US House of Representatives <a href=\"https:\/\/forklog.com\/en\/news\/us-congress-fails-to-override-bidens-veto-on-sab-121-repeal\">failed to gather<\/a> the necessary two-thirds majority to override the <a href=\"https:\/\/forklog.com\/en\/news\/biden-vetoes-resolution-to-overturn-secs-sab-121\">presidential veto<\/a> on the bill to repeal SAB 121.<\/p>\n<p>Earlier, Sygnum stated that the establishment of a favorable regulatory framework by the US Congress would determine the trajectory of altcoins. Experts highlighted FIT21 and the stablecoin payment bill as key elements.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>French Hill has been appointed as the chairman of the US House Financial Services Committee. He is known for his work on several cryptocurrency-related bills, reports The Block. The current committee head, Patrick McHenry, will step down at the end of the year. He played a pivotal role in advancing the stablecoin payment bill and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19527,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,1230],"class_list":["post-19528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-us-congress"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19528","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=19528"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19528\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/19527"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=19528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=19528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=19528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}