Republican French Hill has won reelection in Arkansas' 2nd Congressional District, the Associated Press called Thursday, but the cryptocurrency ally is expected to lose his chairmanship of the House Financial Services Committee after Democrats won control of the House in Tuesday's midterm elections.
Hill defeated Democratic challenger Chris Jones. He currently chairs the House Financial Services Committee and has been a key Republican supporter of the crypto industry. Democrats won control of both chambers of Congress in the midterms and are set to take control in January.
Crypto record and campaign support
Hill sponsored the CLARITY Act and voted for the GENIUS Act. Stand With Crypto, a crypto advocacy group, gives him an A rating and classifies 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. The pledge was part of efforts to retain crypto-friendly lawmakers in Congress.
Leadership change and industry scrutiny
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 cited in the source.
Democrats' takeover of both chambers raises 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.
