The United States House Committee on Financial Services is expected to release a draft law regulating cryptocurrencies before the hearing on May 6 (local time). The Committee Chairman – Mr. French Hill – along with several other members are reportedly finalizing the draft content, with the aim of clarifying the legal structure of the cryptocurrency market in the US.
The hearing will be held at 10 am Eastern Time (ET) on May 6, with the theme "US Innovation and the Future of Cryptocurrency: A Plan for the 21st Century". Legislators are expected to focus on discussing a comprehensive legal framework to oversee the digital asset industry – one of the long-awaited steps to promote innovation while ensuring transparency and safety for investors.
According to sources, the upcoming draft is likely to have content similar to the Financial Innovation and Technology for the 21st Century Act (FIT 21) – a document previously passed by the House of Representatives last year. A representative from the House Agriculture Committee has also confirmed that the draft will be released before the hearing.
In recent times, both the US House and Senate have made progress in promoting bills related to stablecoins – digital assets pegged to legal tender. Establishing a comprehensive legal framework for the entire cryptocurrency industry is currently seen as the next strategic step to consolidate the US financial technology position in the new era. President Donald Trump recently also expressed hope that a separate stablecoin law would be passed before August. However, many experts believe that the current bills may be interconnected and will need to be closely coordinated in the process of developing overall policy.
