On May 6, 2023, Republican members of the U.S. House of Representatives are set to release a new cryptocurrency regulatory draft ahead of an important hearing, bringing the crypto market back into the global spotlight. This bill will attempt to clarify the United States' regulatory approach to the cryptocurrency market, stablecoins, and digital assets, providing the industry with a more defined legal framework.

For many years, the legal gray area surrounding digital assets has left investors and developers in a state of uncertainty, suppressing institutional entry on one hand and increasing compliance costs for innovative companies on the other. The release of this draft could become a key step in promoting the compliance development of the entire crypto industry.