Fairshake spends $1 million but Huizenga, Steil lose key House seats

Republican Representative Bill Huizenga, vice chair of the House Financial Services Committee and a prominent supporter of cryptocurrency in Congress, lost his reelection bid in Michigan’s 4th Congressional District to Democrat Sean McCann. This outcome came despite a significant $1 million campaign contribution from Fairshake, a crypto-focused super PAC.

Crypto-backed Republicans lose ground

With 97% of ballots counted, McCann held 50.1% of the vote compared to Huizenga’s 48.3%, translating to a difference of roughly 7,000 votes out of nearly 300,000 cast in the district. Election observers had previously rated this contest as “lean Republican.”

Huizenga, an eight-term congressman who also sat on the panel overseeing digital assets, was the most senior Republican on the committee to lose his seat this cycle. Several other GOP lawmakers with influence over crypto policy also suffered defeats. Representative Bryan Steil of Wisconsin, chair of the Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence, lost to Democrat Mitchell Berman by a margin of 52% to 48%. The Associated Press declared Steil’s race at 11:48 p.m. Tuesday.

Other Financial Services Committee Republicans ousted in this election include Ann Wagner of Missouri, Zach Nunn of Iowa, and Mike Lawler of New York. All lost their seats to Democratic challengers who had been competitive in closely watched races across the country.

Fairshake, a political action committee established to back pro-crypto candidates, had committed at least $1 million each to six House incumbents. Huizenga, Steil, and committee chair French Hill were among the beneficiaries of this targeted support. Federal Election Commission records show Fairshake spent $1,019,166 on Huizenga’s campaign during the general election period.

All 32 House incumbents backed by Fairshake this autumn voted in favor of the CLARITY Act, which passed the House 294-134 in July 2025. The network entered September with approximately $120.4 million in available funds.

In Huizenga’s district alone, outside groups reported over $25 million spent during the campaign, with House Majority PAC accounting for about $6 million targeting the Republican. Two of the three $1 million Republican picks on the committee, Huizenga and Steil, have now lost their seats. French Hill’s own race remains uncalled, but he leads his Democratic opponent Chris Jones by around 4,400 votes with 99% of ballots counted.

Committee leadership set to change

Democratic victories in the House have shifted control of the Financial Services Committee. Representative Maxine Waters of California, who previously chaired the panel from 2019 to 2023, is expected to return as chair following widespread support from fellow Democrats.

The future of crypto oversight in Congress faces uncertainty. Bryan Steil’s defeat leaves the Subcommittee on Digital Assets without a chair. Since subcommittee jurisdictions and leadership are reset each Congress, Democrats could choose to alter or dissolve this subcommittee in coming months.

Huizenga had played a leading role in advancing the stablecoin bill signed by President Donald Trump in 2025 and oversaw committee investigations into former SEC Chair Gary Gensler during the Biden administration.

Crypto legislation remains in flux. The CLARITY Act, a high-priority industry bill, failed a Senate cloture vote 49–50 in September 2025. House Democrats are reportedly drafting their own bill with expanded authority for the Securities and Exchange Commission (SEC).

Crypto advocacy groups spent heavily in the 2026 midterms, committing approximately $176 million to over 100 congressional races. The loss of Huizenga and Steil means two key Republican supporters of digital asset legislation on the committee have been replaced by Democrats.

Bitcoin’s price climbed in the aftermath of the Democratic sweep, even as the number of crypto-aligned lawmakers in Congress declined.

Mini dictionary: Fairshake is a political action committee (PAC) focused on supporting candidates in the US Congress who are seen as favorable to digital assets and cryptocurrency regulation. It pools contributions from crypto industry stakeholders to fund political campaigns.