On May 6, the House Republican Party will unveil a brand new draft of the crypto regulatory framework ahead of an important hearing, covering stablecoins, trading platforms, and the overall framework for digital assets. The focus of regulatory discussions is shifting from ambiguity to institutional construction.

A draft document may not solve all structural issues, but the signal it sends is worth noting: regulation is no longer avoiding the issue, but rather attempting to intervene and design boundaries. This could bring a certainty premium to the crypto market, which has long lacked clarity and has been repeatedly affected by policies.

However, whether the content of the draft is reasonable, whether its execution is coherent, and whether the rights and responsibilities are clear will determine whether it lays the foundation for a system or marks the beginning of another round of game-playing. The market is waiting for the real direction after the text is finalized.