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【Crypto-friendly Congressman French Hill wins reelection, but will lose House committee chairmanship】

U.S. Republican Congressman French Hill won reelection in Arkansas's 2 congressional district, defeating Democratic challenger Chris Jones, the Associated Press confirmed on Thursday. Hill currently chairs the U.S. House Financial Services Committee and is an important ally of the cryptocurrency industry in Congress. Hill previously introduced the CLARITY Act and voted in favor of the GENIUS Act. He received an A rating from crypto advocacy group Stand With Crypto and was categorized as strongly supportive of cryptocurrency. The crypto industry-backed super PAC Fairshake October committed to spend 1000000 USD supporting his reelection campaign, with the aim of keeping crypto-friendly lawmakers in Congress. As Democrats won control of the House of Representatives in Tuesday's U.S. midterm elections, Hill is expected to January lose the Financial Services Committee chairmanship next year. According to Reuters, the committee's current senior Democratic member, Maxine Waters, is the leading candidate to succeed him as chair. Democrats also won control of both chambers of Congress, making the outlook for U.S. crypto legislation uncertain, and the industry may face stricter scrutiny. The crypto industry-backed super PAC spent more than 176000000 USD。