Rep. Bill Huizenga lost his reelection bid to Democrat Sean McCann in Michigan’s 4th Congressional District, according to the Associated Press. The result came despite about $1 million in support from Fairshake, a crypto super PAC. Huizenga was the House Financial Services Committee’s vice chair and its second-ranking Republican.
With more than 97% of votes counted, McCann led 50.1% to 48.3%, a margin of roughly 7,000 votes out of nearly 300,000 cast. The race had been rated “lean Republican” before Election Day. Federal Election Commission filings show Fairshake spent $1,019,166 supporting Huizenga in the general election. Outside groups reported more than $25 million in spending in the district, including about $6 million from House Majority PAC against Huizenga.
Huizenga was not the only crypto-aligned member of the committee to lose. Rep. Bryan Steil, who chaired its Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence, lost to Democrat Mitchell Berman, 52% to 48%. Rep. Ann Wagner also lost, while Rep. Zach Nunn was defeated by state Sen. Sarah Trone Garriott. Rep. Mike Lawler conceded to Democrat Cait Conley before the AP called his race.
Fairshake committed at least $1 million in October to each of six House incumbents, including Huizenga, Steil and committee Chairman French Hill. Hill’s race had not been called by Wednesday afternoon; he led Democrat Chris Jones by about 4,400 votes, or 50.9% to 49.1%, with 99% of the expected vote counted.
Democrats’ victory in the House means they will control the Financial Services Committee, regardless of the outcome of Hill’s race. Rep. Maxine Waters, the panel’s top Democrat and its chair from 2019 to 2023, is positioned to return to the role. Steil’s defeat also leaves the digital assets subcommittee without its chair. Its name, scope and membership are determined each Congress, meaning the incoming majority could change or eliminate it.
Huizenga helped advance the stablecoin bill signed by President Donald Trump in 2025 and led committee investigations into former SEC Chair Gary Gensler during the Biden administration. The crypto industry’s main legislative goal remains the CLARITY Act, which failed a Senate cloture vote on September 15, 49-50. House Democrats are considering their own market structure legislation with a larger role for the SEC.
Crypto groups committed about $176 million to more than 100 races this cycle. Huizenga’s and Steil’s defeats remove two Republicans who had helped shape crypto legislation on the committee, and both seats will be held by Democrats.
Sources: Bitcoin Magazine.