Republican Rep. Bill Huizenga, the vice‑chair of the House Financial Services Committee, and Rep. Bryan Steil, chair of the committee’s Digital Assets, FinTech and AI subcommittee, were both defeated in the 2026 midterm elections, according to the Associated Press. Huizenga lost Michigan’s 4th District to Democrat Sean McCann, while Steil fell to Democrat Mitchell Berman in Wisconsin’s 1st District, despite each receiving roughly $1 million in support from the crypto‑industry super PAC Fairshake.

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Fairshake’s spending and the broader race context

Fairshake disclosed that it spent $1,019,166 on Huizenga’s campaign and a similar amount on Steil, part of a strategy that allocated at least $1 million to six incumbent Republicans in October. The PAC’s backing represented a small fraction of total outside spending in the districts; FEC filings show more than $25 million was poured into Huizenga’s race, with the House Majority PAC alone contributing about $6 million against him. Across all 32 House incumbents supported by Fairshake, each voted for the CLARITY Act when it cleared the House in July 2025.

Implications for crypto legislation

The loss of Huizenga, the highest‑ranking Republican on the Financial Services Committee, and Steil, the chair of the digital‑assets subcommittee, removes two of the most influential Republican voices shaping crypto policy. With Democrats now holding the House, the committee’s chairmanship will shift to Rep. Maxine Waters, who is poised to reclaim the top post. Journalist Eleanor Terrett noted that the subcommittee’s name, scope and membership are set each Congress, meaning Democrats could rename, re‑scope or even eliminate it. The industry’s flagship legislative effort, the CLARITY Act, already stalled in the Senate after a 49‑50 cloture vote, and House Democrats are reportedly drafting a market‑structure bill that would expand the SEC’s authority.

What to watch next

Observers will monitor the outcome of the still‑unresolved race for Rep. French Hill of Arkansas, another Fairshake‑backed incumbent, as his result could further influence the committee’s composition. Additionally, the Senate’s response to the CLARITY Act and any new crypto‑focused legislation emerging from the Democratic‑controlled House will be key indicators of the sector’s regulatory trajectory. Crypto‑related PACs have committed roughly $176 million to over 100 races this cycle, underscoring the high stakes of congressional control for the industry.