senior members of the Democratic Party have been selected for the key committees of the 119th US Congress, as the party prepares to become the minority party. In a notice on December 11, the Democratic Party stated that California Representative Maxine Waters will continue to serve as a senior member of the House Financial Services Committee until the new Congress is sworn in in 2025.

It is reported that the committee is responsible for legislation and policies affecting the financial services industry, including the cryptocurrency industry. Republican and North Carolina Representative Patrick McHenry will serve as committee chairman until he steps down on January 3 next year. Since the Republicans took the majority in the House of Representatives in January 2023, Representative Waters has been a senior member of the committee, the highest leadership position in the minority party.

With McHenry about to step down, some Republicans are considering candidates to be the next committee chairman, including French Hill, chairman of the Digital Assets Subcommittee. It is expected that the party will decide on the leadership position within the next seven days.