French Hill Wins Reelection but Is Expected to Lose House Committee Chairmanship

House Financial Services Committee Chair French Hill won reelection in Arkansas but is expected to lose his leadership post after Democrats gained control of the House of Representatives in Tuesday’s midterm elections. According to Cointelegraph, The Associated Press called the race Thursday, confirming Hill’s victory over Democratic challenger Chris Jones in Arkansas’ 2nd Congressional District. Hill sponsored the CLARITY Act and voted for the GENIUS Act. The crypto advocacy group Stand With Crypto gives him an A rating, describing him as strongly supportive of cryptocurrency. Fairshake, a cryptocurrency industry-backed super political action committee, pledged $1 million in October to support Hill’s reelection campaign as part of an effort 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 also won control of both chambers of Congress in Tuesday’s midterm elections, raising uncertainty about the future of U.S. crypto legislation and the possibility of increased industry scrutiny. Crypto-backed super PACs spent more than $176 million during the election cycle.