Republicans have held onto their control of the U.S. House of Representatives, which could usher in crypto-friendly lawmakers to lead efforts for digital asset-related bills.
Republicans secured a majority of 218 members while Democrats held onto 208 seats, according to The Associated Press.
This sets up for the Republican to lead the House Financial Services Committee — an influential panel that has oversight over the U.S. Securities and Exchange Commission, the Federal Reserve and other federal agencies. Current chair Rep. Patrick McHenry, R-N.C., is set to retire in January 2025, leaving a space open for a new lead.
McHenry was pivotal in leading efforts for a bill to regulate stablecoins and legislation focused on crypto market structure. The latter gives new jurisdiction to the Commodity Futures Trading Commission over "digital commodities" and asserts the SEC would oversee digital assets offered as part of an investment contract.
A new chair will likely be picked this month or by December. Names being thrown to lead the committee include Reps. French Hill of Arkansas, Andy Barr of Kentucky, Bill Huizenga of Michigan and Frank Lucas of Oklahoma — all are friendly toward crypto. Hill, for example, leads the committee's digital asset-focused panel and has been working toward passing crypto bills, including those involving stablecoins.
A Republican-led committee is likely to focus on stablecoins and market structure, then later DeFi and NFTs, Ron Hammond, director of government relations at the Blockchain Association, previously told The Block.
Maxine Waters of California, the current top Democrat of the House Financial Services Committee, has also led efforts in passing a stablecoin bill and has been open to getting that across the finish line — potentially before the end of 2024.
During a congressional hearing in September, Waters called for a "grand bargain on stablecoins" before the end of the year.
"I've made a public statement to you about bipartisanship — let's see what you do with it," Waters told McHenry during that hearing.
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