Online reports, According to The Block, people familiar with the matter revealed that House Financial Services Committee Chairman French Hill and others are expected to release draft regulations on cryptocurrencies before a hearing on May 6 (local time). The hearing will be held at 10 a.m. EST on the 6th, with the theme of "American Innovation and the Future of Cryptocurrency: A Blueprint for the 21st Century." Discussions are expected to focus on 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 last year. A staff member of the House Agriculture Committee also confirmed that the draft text would be released before the hearing. Committees in the House and Senate have advanced bills focusing on stablecoins, while legislation to regulate the entire cryptocurrency industry is seen as the next step. President Donald Trump has said he hopes to see a stablecoin bill by August, but some have said the bills could be interconnected.