Sources: US House of Representatives will release cryptocurrency regulation draft before May 6th hearing

According to The Block, sources familiar with the matter have revealed that House Financial Services Committee Chairman French Hill and others are expected to release a regulatory draft regarding cryptocurrencies before the hearing scheduled for May 6th (local time). The hearing will be held at 10am Eastern Time on the 6th, with the theme of "American Innovation and the Future of Cryptocurrency: A Blueprint for the 21st Century". It is expected to focus on the long-awaited legislation to define the structure of the US cryptocurrency market. It is expected that this draft will be similar to the Financial Innovation and Technology Act for the 21st Century (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. The committees of the House and Senate have pushed forward bills focused on stablecoins, and legislation to regulate the entire cryptocurrency industry is seen as the next step. President Donald Trump has stated that he hopes to see a stablecoin bill before August, but some have suggested that these bills may be interrelated.