Representative French Hill, a 68-year-old former banker from Arkansas, has made significant efforts to gain Silicon Valley’s support in the U.S. Congress, ultimately becoming the leader of the House Financial Services Committee.
In recent years, as a member of the House Financial Services Committee, Hill has emerged as a leading advocate for policies supporting emerging technology sectors, including cryptocurrency and artificial intelligence, according to POLITICO.
This focus has garnered support from a new political power base in Silicon Valley, which has deep ties to incoming President Donald Trump. These connections helped Trump raise campaign donations and provided effective support, strengthening Hill’s position against three other top House Republicans.
POLITICO reports that Hill’s rise underscores the growing influence of Silicon Valley in Washington.
“He knows the community, he knows the industry, and with an incoming president, that’s where he wants to focus,” said Republican House of Representatives member Tom Emmer, a member of the Republican Party steering group that selects committee leaders and a prominent supporter of the crypto industry.
The Financial Services Committee, long known for its focus on Wall Street, where financiers seek to influence bank regulation, is increasingly turning its attention to financial technology issues. This shift has opened the door for emerging industries to wield new influence.
While the priorities of the legacy banking sector do not always align with those of the tech industry, Hill has facilitated this transition. He is now positioned to provide emerging tech sectors like crypto with a powerful ally to drive industry-friendly policies through Congress during a potential second Trump administration.
Silicon Valley luminaries such as billionaire Elon Musk and venture capitalist David Sacks, Trump’s choice as White House czar for crypto and artificial intelligence, are giving the venture capital and emerging tech sectors more influence than ever as they prepare to help shape policy in Trump’s new term.
Bobby Franklin, president and CEO of the National Venture Capital Association, the trade group representing venture capital firms, said: “This is a great choice for the industry. I expect French to further advance many of the things that are important to us.”
Hill’s Silicon Valley connections have helped him become one of the top fundraisers for House Republicans, a trait that has bolstered his race for leadership of the Financial Services Committee.
In the past year, he has received donations from several top executives at crypto and venture capital firms, including Trump-supporting billionaire Marc Andreessen, founder of venture capital giant Andreessen Horowitz, and Brian Armstrong, CEO of Coinbase, the largest U.S. crypto exchange.
Hill’s fundraiser, held in October in the Silicon Valley suburb of Woodside, California, was attended by leading figures in the technology and venture capital business.
Three people familiar with the event said it was hosted by Fred Ehrsam and Matt Huang, founders of crypto investment firm Paradigm, as well as other tech CEOs, including Kevin Kelly of Sequoia Heritage, Neil Mehta of Greenoaks Capital, Katie Haun of Haun Ventures, Patrick Collison of Stripe, and Vlad Tenev of Robinhood.
Others who donated to Hill ahead of the event, which raised nearly half a million dollars for Hill and the House Republicans’ campaign arm, include Multicoin Capital co-founder Kyle Samani and Solana Labs co-founders Anatoly Yakovenko and Raj Gokal, according to FEC filings.
Venture capitalists like Franklin say it wasn’t just drafting crypto policy that helped Hill win them over. Franklin points to Hill’s experience building his own company (a public bank) as well as his support for the DEAL Act, which would “increase access to capital for early-stage startups.” Hill is also co-chair of the Congressional Entrepreneurship Caucus.