Crypto ally French Hill wins reelection but set to lose House chair
Summary
French Hill won reelection to Arkansas’ 2nd Congressional District, but is expected to lose his House Financial Services Committee chairmanship after Democrats gained control of the House. Hill has supported crypto legislation, including the CLARITY and GENIUS Acts, and received backing from the crypto industry-aligned Fairshake PAC. Democrat Maxine Waters is the leading candidate to replace him. The change in congressional control creates uncertainty for U.S. crypto legislation and could bring greater scrutiny of the industry. Crypto-backed super PACs spent more than $176 million during the election cycle.
