French Hill, the House chair behind the stablecoin law, holds a slim lead in a race still too close to call, with Maxine Waters likely to take his gavel

French Hill, the Arkansas Republican who chairs the House Financial Services Committee, was still waiting for a result on Wednesday. His race against Democrat Chris Jones was still too close to call as of Wednesday afternoon, according to the Associated Press, with 99% of votes reported and Hill holding a slim lead, The Block reports. Little Rock station KATV, citing the AP count on Wednesday morning, had Hill on 127,427 votes, or 50.9%, to Jones's 123,025, a gap of about 4,400.

Either way, the gavel is set to change hands. Democrats are set to take over the House, and Maxine Waters is likely to return as chair of the committee, The Block says, with Hill likely to become its top Republican. Waters, 88, has been challenged for the post by fellow Democrats Sean Casten and Bill Foster. She worked on the GENIUS Act, the stablecoin law, but has criticized the industry since the FTX collapse and over President Donald Trump's crypto interests.

Under Hill, members passed the first federal stablecoin framework and a sweeping crypto bill, the Clarity Act, which stalled in the Senate in September. Fairshake and other PACs spent $1 million on his campaign, according to the Arkansas Democrat-Gazette, cited by The Block.

Elsewhere, Rep. Bill Huizenga, a Michigan Republican viewed favorably by the industry, lost to Democrat Sean McCann, the AP reported. Josh Gottheimer, Warren Davidson, Ritchie Torres and House Agriculture Committee Chair Glenn Thompson won reelection.