House Republicans have selected Rep. French Hill (R-Ark.) to lead the influential Financial Services Committee, positioning a vocal crypto advocate at the helm of Wall Street’s congressional oversight body.

This also puts Hill in a position that would serve as a crucial starting point as legislative efforts for the crypto industry begin next year.

Hill secured the chairmanship Thursday after a second-round vote, beating out three other crypto-friendly contenders, including Rep. Andy Barr of Kentucky, according to an initial report from The Hill citing two sources familiar with the closed-door selection.

The Arkansas Republican currently chairs the committee’s digital asset panel and has championed several crypto bills, including…