Crypto-friendly Congressman French Hill wins re-election but will lose the chairmanship of the House committee

U.S. Republican Congressman French Hill won re-election in Arkansas's 2nd Congressional District, defeating Democratic challenger Chris Jones, a result confirmed by the Associated Press on Thursday. Hill currently serves as the Chairman of the U.S. House Financial Services Committee and is an important ally for the cryptocurrency industry in Congress.

Hill initiated the CLARITY Act and voted in favor of the GENIUS Act, receiving an A rating from the cryptocurrency advocacy organization Stand With Crypto, classified as a strong supporter of cryptocurrency. The cryptocurrency industry-supported super PAC Fairshake pledged $1 million in October to support his re-election campaign, aiming to keep crypto-friendly lawmakers in Congress.

With the Democrats winning control of the House of Representatives in Tuesday's U.S. midterm elections, Hill is expected to lose his position as Chairman of the Financial Services Committee in January. According to Reuters, the current senior Democratic member of the committee, Maxine Waters, is the leading candidate to succeed him. The Democrats also gained control of both the House and Senate, creating uncertainty for U.S. cryptocurrency legislation, with the industry potentially facing stricter scrutiny. The cryptocurrency industry-supported super PAC spent over $176 million in this election cycle.