Three Republican Crypto Supporters Lose House Seats

Rep. Maxine Waters may lead the House Financial Services Committee after several Republican lawmakers who supported crypto lost their seats in the midterm elections, a shift that could alter the outlook for U.S. crypto legislation.

Waters has opposed the CLARITY Act, while current committee Chairman Rep. French Hill is expected to become the panel's ranking minority member. Hill sponsored the House version of the bill. His district remained unresolved, although he was expected to win by a few thousand votes.

Republican Reps. Bryan Steil, Zach Nunn and Ann Wagner lost their House seats. Rep. Mike Lawler conceded to Democratic challenger Cait Conley in New York's 17th Congressional District, but late-arriving ballots were still being counted and the result had not been called.

The committee's leadership could help shape House debate over the CLARITY Act.