Crypto ally French Hill wins reelection but set to lose House chair
Republican French Hill secured another term in Congress but will lose his leadership of the House Financial Services Committee when Democrats take control in January.
Republican French Hill won reelection to the U.S. House of Representatives in Arkansas, but his tenure as chair of the House Financial Services Committee will end with the Democrats' expected control of the House in January. Hill, a key ally of the cryptocurrency industry, sponsored the CLARITY Act and voted in favor of the GENIUS Act, earning an A rating from the crypto advocacy group Stand With Crypto.
Fairshake, a cryptocurrency-backed super PAC, pledged $1 million to Hill's reelection campaign in October. If elected, California Democrat Maxine Waters is the frontrunner to succeed Hill as committee chair, as per Reuters' reports. Democrats secured control of both chambers in Tuesday's midterm elections, casting doubt on the future of U.S. crypto legislation and increasing industry scrutiny.
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