BGR Group is bringing back Matt Hoffman three years after he left the lobbying giant as Republican staff director on the House Financial Services Committee.
As principal and new co-head of the firm's Financial Services practice group, Mr. Hoffman will focus on virtual currency and digital asset regulation, banking, capital markets, and the upcoming amendments to the Tax Cuts, Jobs and Investments Act of 2017 (TCJA). I'll focus on it. It's a priority for Republicans, with some provisions set to expire in 2026.
Bob Wood, Chairman and CEO of BGR Group, is a former Policy Director of the Senate Finance Committee and former Chairman Paul Ryan (R-Wis.) of the House Budget and Ways and Means Committees. He called Hoffman, who is also a senior advisor, “a tremendous asset to us.” We look forward to contributing to our firm and our clients as we advance discussions on future tax and financial services policy. ”
One of the many things Mr. Hoffman said he was “lucky” to work on during his time as chief adviser to House Financial Services Committee Chairman Patrick McHenry, R.N.C. It was the 21st Century Financial Innovation and Technology Act (FIT21). ), the first comprehensive cryptocurrency bill passed by the House of Representatives earlier this year.
“I think the environment for productive and substantive policy development will bring traditional finance and the crypto industry closer together,” Hoffman told The Hill. “Now is the time to do the work.”
The cryptocurrency industry has been in a downturn since President Trump won and began appointing industry-friendly regulators to key positions in his incoming administration. Bitcoin topped $100,000 for the first time this week after the president-elect announced his selection to head the Securities and Exchange Commission (SEC).
When asked about the likelihood of a comprehensive cryptocurrency bill being signed into law over the next two years, Hoffman described himself as an “eternal optimist.”
“I'm optimistic that we'll get something once we cross the finish line,” he said.
When Hoffman briefly joined blockchain technology company Digital Asset this summer as director of regulatory and government affairs, McHenry said: praised him We thank the Republican committee for helping us “achieve our objectives while maintaining the bipartisanship necessary to ensure lasting results.”
Mr. McHenry will retire at the end of this Congress, but Mr. Hoffman did not seem concerned about future changes in committee leadership.
“The senior leadership on that committee is extraordinary. They've been in this field for a very long time, and they're all focused on not only virtual currency law, but also national security, banking regulation, and the banks that we did. “I was closely involved in the business,” he said.
