Introduction
Aiming to address the evolving landscape of digital currencies in the United States, the House Financial Services Committee, led by French Hill, is poised to unveil a draft regulation concerning cryptocurrencies ahead of a scheduled hearing on May 6 at 10 a.m. ET. The event, entitled “American Innovation and the Future of Cryptocurrency: A 21st Century Blueprint,” is anticipated to provide insights into the long-awaited framework intended to define the U.S. cryptocurrency marketplace.
Upcoming Draft Regulation
According to sources cited by The Block, the forthcoming draft regulation is likely to resemble the 21st Century Financial Innovation and Technology Act (FIT 21), which was approved by the House last year. In addition, a representative from the House Agriculture Committee has corroborated that the draft text will indeed be disclosed prior to the hearing, indicating a concerted effort to advance comprehensive legislative measures.
Legislative Developments
While separate bills focused on regulating stablecoins are making progress in both the House and Senate, the broader regulatory legislation for the entire cryptocurrency sector seems to be the next logical step in the legislative pipeline. Former President Donald Trump has expressed a desire to see stablecoin regulation enacted by August, leading to speculation that there may be a connection between the various bills currently under discussion.
“The aim is to establish a clear framework for the cryptocurrency marketplace in the U.S., reflecting innovation and safety.”
