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Crypto ally French Hill wins reelection but set to lose House chair
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- DeepHorus
Republican French Hill won reelection in Arkansas’ 2nd Congressional District, the Associated Press called Thursday, but he will lose his chairmanship of the House Financial Services Committee in January. Hill, a key cryptocurrency ally, defeated Democratic challenger Chris Jones. Democrats won control of the House in Tuesday’s midterm elections, ending his leadership role.
Hill has been one of Congress’s strongest crypto supporters. He sponsored the CLARITY Act and voted for the GENIUS Act. Stand With Crypto gives him an A rating and calls him strongly supportive of the industry.
The crypto industry invested heavily in his race. Fairshake, an industry-backed super PAC, pledged $1 million to support Hill’s reelection campaign in October. The pledge was part of efforts to keep crypto-friendly lawmakers in Congress.
Democrats also won both chambers of Congress on Tuesday. Their victory raises uncertainty over the future of US crypto legislation. It also increases the prospect of greater industry scrutiny.
Crypto-backed super PACs spent more than $176 million during the election cycle. Hill’s win shows continued support for crypto-friendly candidates in some districts. His loss of the gavel, however, removes a powerful committee ally.
California Democrat Maxine Waters is the leading contender to replace Hill as chair, Reuters reported. Waters is the current ranking member of the House Financial Services Committee. Her potential chairmanship would shift the committee’s direction.
Hill’s reelection preserves his voice in Congress but not his committee leadership. The new Democratic majority will set the agenda in January. Crypto legislation and oversight now face a more uncertain path.
