French politician Hildegarde Chatelain, who supports cryptocurrencies, wins re-election but will lose her position as chair of a House of Representatives committee

Republican French Hill successfully won re-election to Congress, but with Democrats taking over the House of Representatives next January, he will lose his leadership position on the House Financial Services Committee.

The Chairman of the House Financial Services Committee, French Hill, is an important ally of the cryptocurrency industry within the Republican Party. He was re-elected in Arkansas, but it is expected that he will lose his position as committee chairman after the Democrats gained control of the House in the midterms on Tuesday.

The Associated Press announced the results of that constituency on Thursday, confirming that Hill defeated Democratic challenger Chris Jones in Arkansas’s 2nd Congressional District. Hill initiated the campaign “CLARITY Act” and voted in support of “GENIUS Act.” The crypto advocacy organization Stand With Crypto gave him an A rating, classifying him as “strongly supportive of cryptocurrencies.”

Super Political Action Committees (Super PACs) supported by the cryptocurrency industry (super PAC Fairshake) promised in October to invest $1 million to support the re-election campaign of Hill. This is part of their efforts to retain members of Congress who are friendly to cryptocurrencies.

According to Reuters, Maxine Waters, a Democrat from California and the current chair of the House Financial Services Committee, is the top candidate to succeed Hill as the committee chairman.

The Democratic Party won control of both chambers of Congress in Tuesday's midterms, bringing uncertainty to the future of cryptocurrency legislation in the United States and the prospect that the industry may face more scrutiny. Super political action committees that support cryptocurrencies spent over $176 million during this electoral cycle.