Republican Representative French Hill of Arkansas, a former community banker with deep financial roots, is vying for a prominent role in Washington as he seeks to chair the House Financial Services Committee. His leadership bid comes amid growing momentum for his cryptocurrency legislation, which could reshape how digital assets are regulated in the United States.
Crypto Regulation in Focus
Hill, a staunch advocate for recognizing cryptocurrencies as a distinct asset class, has gained bipartisan support for his proposed Financial Innovation and Technology for the 21st Century Act (FIT21). The bill, which passed the House with backing from 71 Democrats, aims to exempt certain cryptocurrencies from existing securities regulations.
Hill’s expertise in the technical and regulatory aspects of digital assets has earned him praise from lobbyists and industry insiders alike. “There are some members you talk concepts with, but with French, you’re in the details,” said one lobbyist.
The Arkansas congressman believes it is time for Washington to stop fearing cryptocurrencies—referred to by Hill as “digital assets”—and instead embrace their potential to revolutionize finance.
Roots in Finance and Community Banking
Hill, 67, comes from a family deeply embedded in finance. His paternal grandfather founded an investment firm during the Great Depression, while his maternal grandfather was an FDIC receiver during the agency’s early days in 1933.
Before entering Congress, Hill established Delta Trust & Bank in 1999, a Little Rock-based community bank that flourished under his leadership. After selling the bank in 2014, Hill shifted his focus to public service, winning a congressional seat and joining the Financial Services Committee the following year.
Hill’s banking experience has shaped his regulatory philosophy, particularly his concerns about outdated rules hampering community banks. “French understands firsthand some of the antiquated rules and regulations that are preventing community banks from thriving, especially in rural areas,” said George Makris Jr., executive chairman of Simmons First National, which acquired Delta Trust.
Navigating Washington Politics
Hill’s pragmatic approach has helped him quietly build influence in Washington. Known for his bipartisan efforts, Hill has earned respect among colleagues. House Majority Whip Tom Emmer called him “a good friend and an outstanding legislator.”
Despite his achievements, Hill faces stiff competition for the committee chairmanship from fellow Republican Andy Barr of Kentucky, a close ally of President-elect Donald Trump. The decision on who will lead the Financial Services Committee will be made in December.
A Potential Power Shift
With Republicans set to control both chambers of Congress, Hill’s FIT21 bill is likely to gain further traction, especially as Trump has pledged to support the cryptocurrency industry. Whether or not Hill secures the chairmanship, his role in shaping crypto regulation and financial oversight seems poised to grow.
As Washington grapples with the future of digital assets, Hill’s deep knowledge and steady approach position him as a pivotal figure in crafting the policies that could define the next era of American finance.
