Source: U.S. House of Representatives will announce draft cryptocurrency regulation before May 6 hearing

PANews May 2 news, according to The Block, people familiar with the matter revealed that House Financial Services Committee Chairman French Hill and others are expected to release a draft regulation on cryptocurrencies before a hearing on May 6 (local time). The hearing will be held at 10 a.m. ET on the 6th with the theme of “The Future of American Innovation and Cryptocurrency: A Blueprint for the 21st Century.” The long-awaited legislation is expected to be focused on defining the U.S. crypto market structure. The draft is expected to be similar to the 21st Century Financial Innovation and Technology Act (FIT 21) passed by the House of Representatives last year. A staff member of the House Agriculture Committee also confirmed that the draft text will be released before the hearing.

Committees in the House and Senate have advanced a stablecoin-focused bill, and legislation that regulates the entire cryptocurrency industry is seen as the next step. President Donald Trump said he hoped to see a stablecoin bill August 2018, but some said the bills could be related.