House Republicans are preparing to unveil a sweeping draft bill that could reshape how digital assets are regulated in the U.S. The legislation, expected before a May 6 congressional hearing, is intended to provide a comprehensive framework for crypto oversight.
The initiative is led by senior Republicans on the House Financial Services and Agriculture Committees—Reps. French Hill, Bryan Steil, Glenn “GT” Thompson, and Dusty Johnson. The hearing, titled “American Innovation and the Future of Digital Assets,” will explore how crypto markets should be structured under U.S. law.
Sources say the draft will largely reflect the Financial Innovation and Technology for the 21st Century Act (FIT 21), which passed the House last year. A staffer from the Agriculture Committee confirmed the full bill text will be released before the hearing.
While progress has been made on stablecoin legislation, broader crypto regulation has been slower. With President Donald Trump signaling support for fast-tracking a stablecoin bill by August, GOP leaders hope to move quickly—though partisan tensions may complicate the path forward, especially given Trump’s rising profile in crypto ventures.
FIT 21 Framework Likely to Shape New Draft
According to Ron Hammond, Senior Director of Government Relations at the Blockchain Association, the pace of activity suggests the bill could head directly to a markup session, bypassing additional hearings.
While the new draft hasn’t been released, insiders say 90% of the text will mirror FIT 21, which proposed a dual-agency model:
- The CFTC would oversee digital commodities like Bitcoin.
- The SEC would retain authority over assets that qualify as securities.
Despite the bill’s momentum in the House, key updates to the draft remain unclear.
Meanwhile, the Senate is advancing its own digital asset bill, hinting at a broader bipartisan package potentially forming. The next few weeks could be pivotal in determining whether the U.S. finally creates a cohesive national crypto policy.
Trump’s Crypto Ties Complicate Bipartisan Deal
As Congress edges closer to defining digital asset regulations, President Trump’s increasing involvement in the crypto sector is stirring political pushback. His ventures range from memecoins and NFTs to a DeFi protocol in development. Most prominently, World Liberty Financial, a Trump-linked entity, recently launched USD1, a fully backed stablecoin.
While these moves demonstrate crypto’s growing institutional legitimacy, they’re also adding political complexity to ongoing legislative efforts.
In March, Rep. French Hill admitted that Trump’s crypto affiliations have made it harder to build consensus around regulatory frameworks.
Democrats have voiced strong concerns. Rep. Maxine Waters, ranking Democrat on the House Financial Services Committee, accused Trump of exploiting the regulatory gap for personal gain, arguing that his influence undermines legislative integrity.
With regulation now entangled in politics, the success of bipartisan crypto lawmaking may hinge on whether lawmakers can separate structural reform from political optics.
Quick Facts
- House Republicans will release a new crypto regulation draft ahead of the May 6 hearing.
- The bill outlines roles for the SEC and CFTC in overseeing digital assets.
- The draft is expected to resemble the FIT 21 Act, with minor revisions.
- The initiative aims to balance innovation and investor protection, amid growing political scrutiny.
