Photo: U.S. House of Representatives / Wikimedia Commons / public domain
The congressman who wrote much of Washington’s crypto rulebook may not be coming back – and nobody knows yet.
Rep. French Hill, the Arkansas Republican who chairs the House Financial Services Committee, was still locked in a race too close to call Wednesday night against Democrat Chris Jones. With about 99% of the vote counted, Hill held a slim lead of roughly two points, but the Associated Press and other outlets have not declared a winner, the Arkansas Times reported.
Hill has led the committee for two years, a stretch that produced the first federal framework for stablecoins and a sweeping crypto market-structure bill that later stalled in the Senate. Crypto political action committees, including Fairshake, spent about $1 million backing his campaign, The Block reported.
Even if Hill holds on, Democrats’ takeover of the House means he loses the gavel: Rep. Maxine Waters is expected to retake the committee’s chairmanship, though she faces a challenge from Democratic Reps. Sean Casten and Bill Foster. Another industry favorite, Rep. Bill Huizenga of Michigan, lost his seat to Democrat Sean McCann, while crypto-friendly Reps. Josh Gottheimer, Warren Davidson and Ritchie Torres won reelection.
For anyone holding crypto, the committee fight decides who writes the next version of the industry’s rules – and whether the final law reads friendlier to the industry or to its critics.
JBizNews Desk | Washington
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