Crypto-allied Rep. Huizenga lost his House seat despite $1 million from Fairshake, part of broader Democratic gains.
The Associated Press declared Wednesday afternoon that Representative Bill Huizenga, the second-ranking Republican on the House Financial Services Committee, had lost his reelection contest to Democrat Sean McCann, even though the crypto super PAC Fairshake provided roughly $1 million in backing.
Earlier today, with over 97% of ballots tallied, McCann was ahead 50.1% to 48.3% in Michigan’s 4th Congressional District, a margin of roughly 7,000 votes from almost 300,000 cast. Before Tuesday, the contest had been classified as "lean Republican."
Huizenga, a veteran of eight terms in the House and the vice chair of the committee, becomes the most senior Republican on that panel to be defeated. Several other crypto-friendly members on the committee also lost their seats.
Wisconsin Representative Bryan Steil, the chair of the Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence, fell to Democrat Mitchell Berman by a 52% to 48% margin. The Associated Press projected that outcome at 11:48 p.m. Tuesday.
Missouri Representative Ann Wagner, chair of the capital markets subcommittee, was defeated by Democrat Fred Wellman. Iowa Representative Zach Nunn lost to state Senator Sarah Trone Garriott, and New York Representative Mike Lawler conceded to Democrat Cait Conley before the AP declared the result.
In October, Fairshake pledged a minimum of $1 million to each of six sitting House members, including Huizenga, Steil, and committee Chairman French Hill of Arkansas. According to Federal Election Commission records, the super PAC spent $1,019,166 backing Huizenga in the general election.
The Fairshake network supported 32 House incumbents this autumn, all of whom voted for the CLARITY Act when it gained House approval 294-134 in July 2025, as reported by CNBC. At the start of September, the network had roughly $120.4 million on hand.
The cryptocurrency funding represented only a minor portion of the contest in Huizenga's district. FEC filings indicate that outside organizations spent over $25 million there, with House Majority PAC alone contributing roughly $6 million opposing the Republican.
Of the three Republican committee members whom Fairshake selected for $1 million support, two have now been defeated in the midterms. As of Wednesday afternoon, the AP had not yet called Hill's race. Hill led Democrat Chris Jones by approximately 4,400 votes, or 50.9% to 49.1%, with 99% of anticipated votes tallied.
On Tuesday, Democrats secured control of the House, which places the committee gavel in their hands no matter what happens in Hill's race. Representative Maxine Waters of California, the senior Democrat on the panel and its chair from 2019 to 2023, is poised to take back that role. Nineteen Democrats on the Financial Services Committee supported her in October against a potential bid by Representative Sean Casten of Illinois, according to Politico.
The defeat of Steil also strips the digital assets subcommittee of its chair. Huizenga was also a member of that subcommittee. Journalist Eleanor Terrett pointed out that the subcommittee's name, scope, and membership are determined each Congress, meaning Democrats could rename, redefine, or dissolve it.
Huizenga helped advance the stablecoin bill that President Donald Trump signed into law in 2025, and he directed the committee's probes into former SEC Chair Gary Gensler during the Biden era.
The sector's primary legislative objective remains the CLARITY Act, which fell short in a Senate cloture vote 49-50 on September 15. House Democrats are already considering an alternative market structure bill that would give the SEC a larger function.
Cryptocurrency advocacy groups spent substantial sums to prevent this scenario, committing roughly $176 million to over 100 contests this cycle. The defeats of Huizenga and Steil eliminate two Republicans who helped craft crypto policy on the committee, and both districts will be represented by Democrats.
Despite the loss of industry allies in Congress, the price of Bitcoin rallied following the Democratic victory.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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