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Luetkemeyer’s Exit Sets Up Potentially Crypto-Friendly Turn in House Banking Committee

Shift in US House Financial Services Committee Leadership Could Lead to More Progressive Crypto Legislation

Rep. Blaine Luetkemeyer’s retirement at the end of 2024 opens the door for a new era in cryptocurrency regulation, with Rep. French Hill (R-Ark.) poised to lead the charge in the House Financial Services Committee.

Shift in House Financial Services Committee Leadership Could Lead to More Progressive Crypto Legislation

In a move that could impact the future of cryptocurrency regulation, U.S. Rep. Blaine Luetkemeyer (R-Mo.) announced his retirement at the end of 2024. This decision leaves a potential opening for a more crypto-friendly chairmanship of the House Financial Services Committee, following the departure of the current chair, Patrick McHenry, in early 2025 when his term ends.

Luetkemeyer, who currently holds a position on the House Financial Services Committee, had expressed interest in running for McHenry’s chairmanship. His retirement opens the door for Rep. French Hill (R-Ark.), known for leading the committee’s digital assets panel and his involvement in crypto-related legislation, especially concerning stablecoins. Hill, the vice-chairman of the House Financial Services Committee, has stated his intent to bring two crypto regulation bills to the floor and pass them in early 2024.

Ron Hammond, Director of Government Relations at the Blockchain Association, noted Hill’s bipartisan approach and his focus on cryptocurrency. While Luetkemeyer wasn’t anti-crypto, Hammond believes that cryptocurrency would not have been a high priority under his chairmanship, unlike under Hill or McHenry.

Rep. Hill seems to genuinely believe in crypto as a new viable asset class, and its importance in the future. In a Forbes interview, when asked what it means that there are numerous pieces of important upcoming crypto specific legislation, had this to say:

I think it says that members of Congress recognize that Web3 innovation, blockchain innovation, the earliest stage of innovation here is growing; that there’s a demand among institutional investors and consumers. If we don’t facilitate that framework, then you’re going to see that engagement move offshore.

As Luetkemeyer and McHenry step down, the GOP Steering Committee will consider several factors, including legislative performance and fundraising capabilities, to decide on their replacements in 2025.

Rep. Hill is seen as a top contender for the House Financial Services chair position. Other potential candidates include Rep. Bill Huizenga (R-Mich.) and Rep. Andy Barr (R-Ky.), with their chances contingent on the Republicans retaining control of the House after the upcoming elections.

Do you think more US politicians will warm up to crypto? Share your thoughts and opinions about this subject in the comments section below.

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