According to Gate.io News bot, The Block reports that Republican members of the U.S. House Financial Services Committee and the Agriculture Committee have jointly released a new discussion draft on the regulation of the encryption industry. This discussion draft expands on the FIT21 Act and clearly defines the regulatory responsibilities of the SEC and CFTC. The discussion draft establishes registration procedures for digital commodity exchanges and sets information disclosure requirements. In addition, the discussion draft establishes two regulatory pathways: one is the project financing route under SEC supervision, and the other is the digital commodity trading registration mechanism under CFTC supervision.

Gate.io News bot message, the Republican leadership of the House Financial Services Committee and the Agriculture Committee plans to release a discussion draft of the digital asset regulatory framework before the hearing on May 6. This draft bears similarities to the "21st Century Financial Innovation and Technology Act" passed by the House, (FIT 21), mainly concerning the division of regulatory responsibilities for digital assets between the SEC and CFTC. Ron Hammond, a senior executive at the Blockchain Association, stated: "I haven't seen the specific version of the discussion draft yet," but according to his understanding, the new draft overlaps with the content of the FIT 21 bill by 90%. Source: The Block

According to the Gate.io News bot, as reported by Blockworks, the U.S. House of Representatives is drafting a new round of legislation on crypto market structure, which is scheduled to be published at the end of this month. This draft legislation will use the previous Congress's "21st Century Financial Innovation and Technology Act" (FIT21) as a reference. Currently, the STABLE Act in the House of Representatives and the GENIUS Act in the Senate have passed the committee review stage. There are detailed differences between the two bills regarding the allocation of regulatory powers, and neither has entered the full voting stage.