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Digital Asset Legislative Hearing
The content of the draft continues the FIT 21 framework
Stablecoin legislation may be processed in conjunction
Trump’s involvement in cryptocurrency intensifies legislative resistance
According to reports from The Block citing informed sources, Republican members of the House Financial Services Committee ### French Hill, the Digital Asset Financial Technology and Artificial Intelligence Subcommittee ### Bryan Steil, and the Agriculture Committee ### Glenn Thompson are expected to unveil the draft content of the digital asset regulatory framework prior to the joint hearing on May 6.
This hearing, titled “The Future of American Innovation and Digital Assets: A 21st Century Blueprint,” is scheduled to take place at 10 AM Eastern Time, focusing on the long-discussed digital asset market structure legislation, aiming to establish a clear regulatory framework for the cryptocurrency market in the United States.
The content of the draft continues the FIT 21 framework
It is reported that most of the content of this new draft will continue the planning outlined in the 2023 House-passed “21st Century Financial Innovation and Technology Act (FIT 21).” The core of FIT 21 is to define which regulatory agency is responsible for digital assets: the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), or both jointly.
The bill proposes to authorize the CFTC to broaden its oversight powers, responsible for managing the cryptocurrency spot market and assets classified as “digital commodities” (especially Bitcoin), while providing a clearer regulatory scope for the SEC. Informed sources indicate that approximately 90% of the new draft’s content is similar to FIT 21.
Ron Hammond, Senior Director of Government Relations at the Blockchain Association, stated that the legislative process is advancing rapidly, and Congress may hold another hearing or move directly into a “line-by-line review” phase to publicly debate, amend, and vote on the legislation.
Stablecoin legislation may be processed in conjunction
In addition to the market structure bill, both the House and Senate are also promoting stablecoin legislation. President Trump has expressed a desire to sign the stablecoin bill into law before August this year. Some lawmakers believe that the market structure and stablecoin bills may be processed together.
House Financial Services Committee ### French Hill previously described the two bills as “interrelated,” while the Digital Asset, Financial Technology, and Artificial Intelligence Subcommittee ### Bryan Steil likened their relationship to “peanut butter and jelly.” However, as the November 2026 midterm elections approach, some legislators are concerned that bipartisan divisions may worsen, making the combined bill more difficult to legislate. Some members advocate prioritizing stablecoin legislation due to its relatively simpler scope.
Trump’s involvement in cryptocurrency intensifies legislative resistance
However, the Trump family’s recent active involvement in the cryptocurrency market may pose significant obstacles to the bill’s passage. Hill acknowledged in a March interview that the cryptocurrency launched by the Trump family, including the under-development DeFi protocols, already issued meme coins and NFTs, as well as the recently supported stablecoin USD1 by World Liberty Financial (WLFI), indeed complicates the legislative work.
In recent weeks, Democratic lawmakers have expressed strong concerns during congressional hearings. House Financial Services Committee Democratic Chair Maxine Waters accused the Trump family of “exploiting cryptocurrency projects for personal profit” during the hearing. Ron Hammond also commented:
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