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

on Nov. 6, according to Cointelegraph, pro-crypto Republican Rep. French Hill won re-election in Arkansas's second congressional district, defeating Democratic challenger Chris Jones. With Democrats taking control of the House in the midterm elections, Hill is expected to lose his chairmanship of the House Financial Services Committee.

Hill introduced the CLARITY Act and voted in support of the GENIUS Act. Citing Reuters, the report indicated that Maxine Waters, the committee's top Democratic member, is the frontrunner to assume the chairmanship. The crypto-backed political action committee Fairshake had pledged $1 million to support Hill's re-election.