Hill won the endorsement of the Republican steering committee on Thursday after he and the three other contenders presented their cases before the panel. If the full GOP conference ratifies the pick, Hill will replace retiring Chairman Patrick McHenry (R-NC).

Reps. Andy Barr (R-KY), Bill Huizenga (R-MI), and Frank Lucas (R-OK) were also in the running to lead the committee.

“I am humbled that my colleagues have placed their trust in me to lead the House Financial Services Committee as their next Chairman,” Hill said in a statement. “It was a privilege to join my exceptional colleagues, Representatives Andy Barr, Bill Huizenga, and Frank Lucas, in sharing our visions for this committee.”

Hill has represented Arkansas’s 2nd district in Congress for nearly a decade and is the current chairman of the digital assets subcommittee. Hill’s selection is likely to be welcomed by the cryptocurrency industry, given his experience in the space.

Prior to serving in Congress, Hill worked as a banker and was chairman and CEO of Board Delta Trust and Banking Corporation in Little Rock. He also worked as an economic official in President George H.W. Bush’s administration and spent some time working at the Treasury Department.

While on the Financial Services Committee, Hill helped McHenry work with Democrats on legislation meant to provide regulatory clarity for stablecoins and other digital assets.