Fairshake, a cryptocurrency industry-backed super political action committee (PAC), pledged $1 million to support Hill’s reelection campaign in October as part of its efforts to retain crypto-friendly lawmakers in Congress.
California Democrat Maxine Waters, the current ranking member of the House Financial Services Committee, is the leading contender to replace Hill as chair, according to Reuters reporting.
Democrats won control of both chambers of Congress in Tuesday’s midterm elections, raising uncertainty over the future of US crypto legislation and the prospect of increased industry scrutiny. Crypto-backed super PACs spent more than $176 million during the election cycle.
