The House Financial Services Committee is expected to publish the draft legislation regulating cryptocurrency before the hearing takes place on May 6 (local time). The Chair of the Committee – Mr. French Hill – along with several other members are reportedly finalizing the draft's content, with the goal of clarifying the legal structure of the cryptocurrency market in the U.S.
The hearing will be held at 10 AM Eastern Time on May 6, with the theme “American Innovation and the Future of Cryptocurrency: A Plan for the 21st Century.” Here, lawmakers 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 draft set to be published will likely contain content similar to the Financial Innovation and Technology Act of the 21st Century (FIT 21) – a document that was previously passed by the House of Representatives last year. A representative from the House Agriculture Committee has also confirmed that the draft will be published before the hearing takes place.
Recently, both the House and Senate in the U.S. have made progress in advancing bills related to stablecoins – digital assets pegged to fiat currency. The establishment of a comprehensive legal framework for the entire cryptocurrency sector is currently seen as the next strategic step to bolster the U.S.'s fintech position in the new era. Former President Donald Trump recently expressed hope that a separate law on stablecoins would be passed before August. However, many experts believe that the current bills may be interlinked and will need to be closely coordinated in the process of building overall policy.