Pro-crypto Congressman French Hill wins reelection, expected to lose House Financial Services Committee chairmanship

Republican Representative French Hill, a crypto advocate, won re-election in Arkansas’s 2nd Congressional District, defeating Democratic challenger Chris Jones, but is expected to lose his chairmanship of the House Financial Services Committee after Democrats took control of the House in the midterms. Hill had introduced the CLARITY Act and voted for the GENIUS Act, and the crypto-backed Fairshake PAC had pledged $1 million to support his re-election. Representative Maxine Waters, the committee’s current Democratic ranking member, is seen as the leading candidate to take over as chair, according to Reuters. The shift matters because control of the committee will shape how stablecoin and market-structure legislation advances, with Hill’s departure from the gavel removing a key crypto ally from the leadership post.