The Associated Press called Michigan’s 4th Congressional District for Democrat Sean McCann on Wednesday afternoon. With more than 97% of votes counted, McCann led eight-term Republican Rep. Bill Huizenga 50.1% to 48.3%—a margin of about 7,000 votes out of nearly 300,000 cast. The result marked a costly Fairshake Huizenga bet for the crypto super PAC.

Fairshake, the crypto industry’s leading super PAC, spent more than $1 million to support Huizenga. His defeat removes a senior Republican voice on the House Financial Services Committee just as Democrats take control of the chamber.

Fairshake Huizenga Effort Fell Short Despite Seven-Figure Support

The race had been rated “lean Republican” heading into Tuesday’s midterms. The AP’s call came while ballots were still being counted.

FEC filings show Fairshake reported spending $1,019,166 to support Huizenga in the general election. In October the super PAC had committed at least $1 million to each of six House incumbents, Huizenga among them, alongside Wisconsin Rep. Bryan Steil and committee Chairman French Hill.

Fairshake’s spending was one part of a much larger contest. Outside groups reported more than $25 million in spending in the district, and House Majority PAC alone put about $6 million toward opposing Huizenga.

Huizenga was the committee’s vice chair and the highest-ranking Republican on the panel to lose. He also served on its digital assets subcommittee, where lawmakers worked on legislation affecting the crypto industry.

Steil’s Loss Adds to Crypto Committee Setbacks

Huizenga was not the only Republican on the committee with a prominent crypto role to lose. Steil, who chaired its Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence, lost to Democrat Mitchell Berman 52% to 48%; the AP called that race late Tuesday.

Rep. Ann Wagner, chair of the committee’s capital markets subcommittee, also lost. Hill’s race remained uncalled Wednesday afternoon: he led Democrat Chris Jones 50.9% to 49.1%, a margin of about 4,400 votes, with 99% of expected votes counted.

Democratic House Control Changes the Legislative Landscape

Democrats’ House victory means their party will hold the Financial Services Committee gavel regardless of Hill’s result. Rep. Maxine Waters, the panel’s top Democrat and its chair from 2019 to 2023, was in line to return to the post.

Steil’s defeat also leaves the digital assets subcommittee without its chair. Its name, scope and membership are set each Congress, so Democrats could change its remit or structure. The new majority gains influence over which crypto issues the committee prioritizes, though that alone decides the fate of no bill.

The CLARITY Act, a central industry legislative goal, failed a Senate cloture vote 49-50 on Sept. 15. House Democrats were weighing their own market-structure bill that would give the Securities and Exchange Commission a larger role. CoinDesk described the election as a setback for Fairshake’s campaign strategy, while noting that the group also backed candidates who won.

For crypto policy, the immediate consequence is a change in committee leadership and membership. Who takes the Financial Services gavel, and how the new House majority approaches market-structure legislation, are the next things to watch.

FAQ

When did the AP call Huizenga’s race?

The AP called the Michigan race Wednesday afternoon, Nov. 4, after more than 97% of votes had been counted.

How much did Fairshake spend to support Huizenga?

FEC filings listed Fairshake’s general-election spending in support of Huizenga at $1,019,166. The PAC had included him among six House incumbents for whom it committed at least $1 million in October.

What role did Huizenga hold on the House Financial Services Committee?

Huizenga was the committee’s vice chair and also served on its digital assets subcommittee. His loss makes him the panel’s highest-ranking Republican incumbent to lose in the election.

What happens to the Financial Services Committee after Democrats take control?

The committee gavel passes to the Democratic majority regardless of the outcome of French Hill’s race. Maxine Waters was positioned to return as chair, a post she held from 2019 to 2023.

How much did outside groups spend in the district overall?

Outside groups reported more than $25 million in spending in Michigan’s 4th District. House Majority PAC alone put about $6 million toward opposing Huizenga, dwarfing Fairshake’s $1,019,166 in support.

This article is for information only and is not financial advice.

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