PANews reported on May 2 that according to The Block, people familiar with the matter revealed that French Hill, chairman of the House Financial Services Committee, 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. Eastern Time on the 6th, with the theme of "American Innovation and the Future of Cryptocurrency: A 21st Century Blueprint". It is expected to focus on the long-awaited legislation to define the structure of the U.S. crypto market. 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 stablecoin-focused bills, while legislation to regulate the entire cryptocurrency industry is seen as the next step. President Donald Trump has said he wants to see a stablecoin bill by August, but some say the bills could be linked.