Crypto ally French Hill wins reelection but set to lose House chair

Republican French Hill secured another term in Congress but will lose his leadership of the House Financial Services Committee when Democrats take control in January.

House Financial Services Committee Chair French Hill, a key Republican ally of the cryptocurrency industry, has won reelection in Arkansas but is expected to lose his committee chairmanship after Democrats won control of the House of Representatives in Tuesday’s midterm elections.

The Associated Press called the race Thursday, confirming Hill’s victory over Democratic challenger Chris Jones in Arkansas’ 2nd Congressional District. Hill, who sponsored the CLARITY Act and voted for the GENIUS Act, holds an A rating from the crypto advocacy group Stand With Crypto, which classifies him as strongly supportive of cryptocurrency.

Fairshake, a cryptocurrency industry-backed super political action committee (PAC), pledged $1 million to support Hill’s reelection campaign in October as part of its efforts to retain crypto-friendly lawmakers in Congress.

California Democrat Maxine Waters, the current ranking member of the House Financial Services Committee, is the leading contender to replace Hill as chair, according to Reuters reporting.

Democrats won control of both chambers of Congress in Tuesday’s midterm elections, raising uncertainty over the future of US crypto legislation and the prospect of increased industry scrutiny. Crypto-backed super PACs spent more than $176 million during the election cycle.

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