House Financial Services Committee Chair French Hill, a key Republican ally of the cryptocurrency industry, has won reelection in Arkansas but is expected to lose his committee chairmanship after Democrats won control of the House of Representatives in Tuesday’s midterm elections.

The Associated Press called the race Thursday, confirming Hill’s victory over Democratic challenger Chris Jones in Arkansas’ 2nd Congressional District. Hill, who sponsored the CLARITY Act and voted for the GENIUS Act, holds an A rating from the crypto advocacy group Stand With Crypto, which classifies him as strongly supportive of cryptocurrency.

Fairshake, a cryptocurrency industry-backed super political action committee (PAC), pledged $1 million to…