PANews, May 2 - According to The Block, sources reveal that French Hill, the chairman of the House Financial Services Committee, and others are expected to release a regulatory draft on cryptocurrency before the hearing scheduled for May 6 (local time). The hearing will take place at 10 AM on the 6th, Eastern Time, with the theme 'The Future of American Innovation and Cryptocurrency: A Blueprint for the 21st Century.' It is anticipated that there will be a focus on the long-awaited legislation to define the structure of the cryptocurrency market in the United States. The draft is expected to be similar to the (Financial Innovation and Technology Act of the 21st Century) (FIT 21) that passed the House last year. A staff member from the House Agriculture Committee also confirmed that the draft text will be published before the hearing.
Committees in the House and Senate have advanced legislation focused on stablecoins, while legislation regulating the entire cryptocurrency industry is seen as the next step. President Donald Trump has indicated that he would like to see a stablecoin bill before August, but some have suggested that these bills may be interconnected.