Crypto PAC's $1M Bet Flops as Huizenga Loses Michigan Seat

Rep. Bill Huizenga is out. The Associated Press called Michigan's 4th Congressional District for Democrat Sean McCann on Wednesday afternoon, ending the eight-term Republican's run despite a late seven-figure push from the crypto industry's biggest super PAC.

With more than 97% of ballots tallied, McCann led 50.1% to 48.3% — roughly 7,000 votes out of nearly 300,000 cast. The district had been rated "lean Republican" going into Election Day, which makes the flip sting that much more for Huizenga, the vice chair of the House Financial Services Committee and its highest-ranking Republican to go down this cycle.

Fairshake reported spending $1,019,166 backing Huizenga in the general election, per Federal Election Commission filings, after committing at least $1 million in October to each of six House incumbents. It wasn't enough. Outside groups poured more than $25 million into the district overall, with House Majority PAC alone spending about $6 million against him.

He wasn't alone in the wreckage. Rep. Bryan Steil of Wisconsin, who chairs the digital assets subcommittee, fell to Democrat Mitchell Berman 52% to 48%. Rep. Ann Wagner of Missouri, who chairs the capital markets subcommittee, lost to Democrat Fred Wellman. Rep. Zach Nunn of Iowa and Rep. Mike Lawler of New York also went down, with Lawler conceding to Democrat Cait Conley before the AP even called it.

Fairshake's broader network backed 32 House incumbents this fall — all of whom voted for the CLARITY Act when it cleared the House 294-134 in July 2025, according to CNBC. The network entered September with about $120.4 million in cash, and crypto groups committed roughly $176 million across more than 100 races this cycle. Committee Chairman French Hill of Arkansas was still uncalled as of Wednesday afternoon, leading Democrat Chris Jones by about 4,400 votes with 99% counted.

Democrats won the House on Tuesday, so the Financial Services gavel flips no matter how Hill's race ends. Rep. Maxine Waters, the panel's top Democrat and its chair from 2019 to 2023, is positioned to reclaim the post; Politico reported 19 committee Democrats backed her in October against a potential challenge from Rep. Sean Casten. Steil's exit also leaves the digital assets subcommittee chairless, and journalist Eleanor Terrett noted its name, scope and membership get reset each Congress — meaning Democrats could rename, reshape or scrap it entirely. The industry's top legislative priority, the CLARITY Act, already failed a Senate cloture vote 49-50 on Sept. 15, and House Democrats are weighing their own market structure bill with a beefed-up SEC role. Huizenga, for his part, helped move the stablecoin bill Trump signed in 2025 and ran the committee's Gensler-era investigations. Bitcoin rallied after the Democratic sweep — even as its friends on the committee packed up.