PANews reported on December 13 that according to The Block, crypto supporter and U.S. Arkansas Congressman French Hill defeated three other competitors and won the position of chairman of the country's Financial Services Committee. It is reported that French Hill said in the Unchained podcast in July that stablecoins and market structure legislation would be the two bills he most wanted to pass after becoming chairman.

It is reported that the House Financial Services Committee is an important agency of the U.S. Congress, responsible for supervising the financial industry and formulating relevant legislation. Its responsibilities cover areas such as banking, the overall financial system and the cryptocurrency market.