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美国众议院市场结构讨论草案

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美国众议院最新市场结构讨论草案明确了“数字商品”在特定条件下不构成证券的界定,这是否会推动二级市场的流动性与合规性?如果类似规定落地,是否意味着更多代币可能摆脱证券属性的监管争议?你怎么看?欢迎讨论!
Binance News
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Newly Released Market Structure Discussion Draft from the U.S. House of Representatives: Transactions Involving the Sale of Digital Commodities Do Not Constitute SecuritiesAccording to Golden Finance reports, as disclosed by Forbes reporter Eleanor Terrett, page 49 of the new market structure discussion draft from the House of Representatives aims to clarify that transactions involving the sale of digital commodities do not constitute securities, as long as the transactions do not involve the buyer obtaining ownership rights to the issuer's business, profits, or assets. In other words, if you buy and sell digital commodities on the secondary market rather than purchasing directly from the issuer, then unless that sale grants you some form of ownership or a claim to the company's profits or assets, it will not automatically trigger U.S. securities laws.

Newly Released Market Structure Discussion Draft from the U.S. House of Representatives: Transactions Involving the Sale of Digital Commodities Do Not Constitute Securities

According to Golden Finance reports, as disclosed by Forbes reporter Eleanor Terrett, page 49 of the new market structure discussion draft from the House of Representatives aims to clarify that transactions involving the sale of digital commodities do not constitute securities, as long as the transactions do not involve the buyer obtaining ownership rights to the issuer's business, profits, or assets. In other words, if you buy and sell digital commodities on the secondary market rather than purchasing directly from the issuer, then unless that sale grants you some form of ownership or a claim to the company's profits or assets, it will not automatically trigger U.S. securities laws.
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Real Trading Record: 500U Violently Rolling to 100,000U in 30 Days, I Turned the Tables with These 3 Tricks In December 2024, I started with 500U capital and 200 fans, violently rolling to 100,000U in 30 days, ultimately achieving a total profit of 500,000U. This is not a gambler's myth, but a set of 'Extreme Rolling Rules' earned through the blood and tears of liquidation— the key lies in three life-or-death operations. First Battle: Lightning Assault in 24 Hours, 500U Turns into 13,000U On December 5, the BNB ecosystem coin TWT suddenly surged. I called out in the group: 'All-in within 15 minutes, 10x leverage long! ✅ On-chain Monitoring: Whales increased their positions by 300% in 72 hours, Binance Labs just injected capital ✅ Aggressive Strategy: Increase position by 50% of profits every 10% rise, track stop-loss to lock in 8% drawdown That day, TWT skyrocketed 120%, and we took profits at 2.6U in batches, rolling 500U directly to 13,000U. Remember: Using market money as bullets is fiercer than betting with your own capital. Second Battle: Bottom Fishing Amidst a Crash, 13,000U to 86,000U On December 18, Bitcoin plummeted, triggering 2 billion in liquidations, but I led my fans to LDO: 'Bottom fishing at 1.2U, 50x leverage long! Counterintuitive Operation ✅ Panic Signal: VIX broke 200 (only happened 3 times in history), Lido's treasury went against the trend to buy 5 million tokens ✅ Survival Rule: Build positions in 3 batches, adding to the position every 10% drop, while shorting ETH to hedge the market 48 hours later, LDO rebounded to 3.2U, and by the time we liquidated, our account had reached 86,000U. Core Logic: When 90% of people are liquidating, you need to use leverage to pick up bloody chips. Third Battle: Meme Coin Apocalypse, 86,000U to 100,000U On December 29, PEPE's social heat surged by 3000%, I went all-in: '100x leverage long, must liquidate within 24 hours. Crazy Play Style ✅ Sentiment Indicator: Binance suddenly launched perpetual contracts, transferring 10 trillion tokens from cold wallets ✅ Harvest Strategy: Take profit on 20% of the position every 20% rise, time-based stop-loss is more accurate than technical analysis. That day, PEPE surged by 500%, and we sold everything at 0.0000024U, ultimately locking in 100,000U. Remember: Meme coins only care about popularity; entering just 1 hour late means becoming the bag holder. Three Lifesaving Rules More Important Than Technique 1. Position Red Line: No single trade should exceed 30% of capital, always keep 20% as 'lifesaving money'. 2. Leverage Taboo: 100x leverage should only be used on Meme coins, mainstream coins should never exceed 50x. 3. Sentiment Switch: Trade a maximum of 3 times a day, after profits, must stop for 2 hours. Layout ETH SOL BNB ADA WIF #美国众议院市场结构讨论草案
Real Trading Record: 500U Violently Rolling to 100,000U in 30 Days, I Turned the Tables with These 3 Tricks

In December 2024, I started with 500U capital and 200 fans, violently rolling to 100,000U in 30 days, ultimately achieving a total profit of 500,000U.

This is not a gambler's myth, but a set of 'Extreme Rolling Rules' earned through the blood and tears of liquidation— the key lies in three life-or-death operations.

First Battle: Lightning Assault in 24 Hours, 500U Turns into 13,000U
On December 5, the BNB ecosystem coin TWT suddenly surged. I called out in the group: 'All-in within 15 minutes, 10x leverage long!

✅ On-chain Monitoring: Whales increased their positions by 300% in 72 hours, Binance Labs just injected capital
✅ Aggressive Strategy: Increase position by 50% of profits every 10% rise, track stop-loss to lock in 8% drawdown

That day, TWT skyrocketed 120%, and we took profits at 2.6U in batches, rolling 500U directly to 13,000U. Remember: Using market money as bullets is fiercer than betting with your own capital.

Second Battle: Bottom Fishing Amidst a Crash, 13,000U to 86,000U
On December 18, Bitcoin plummeted, triggering 2 billion in liquidations, but I led my fans to LDO: 'Bottom fishing at 1.2U, 50x leverage long!

Counterintuitive Operation
✅ Panic Signal: VIX broke 200 (only happened 3 times in history), Lido's treasury went against the trend to buy 5 million tokens
✅ Survival Rule: Build positions in 3 batches, adding to the position every 10% drop, while shorting ETH to hedge the market

48 hours later, LDO rebounded to 3.2U, and by the time we liquidated, our account had reached 86,000U. Core Logic: When 90% of people are liquidating, you need to use leverage to pick up bloody chips.

Third Battle: Meme Coin Apocalypse, 86,000U to 100,000U
On December 29, PEPE's social heat surged by 3000%, I went all-in: '100x leverage long, must liquidate within 24 hours.

Crazy Play Style
✅ Sentiment Indicator: Binance suddenly launched perpetual contracts, transferring 10 trillion tokens from cold wallets
✅ Harvest Strategy: Take profit on 20% of the position every 20% rise, time-based stop-loss is more accurate than technical analysis.

That day, PEPE surged by 500%, and we sold everything at 0.0000024U, ultimately locking in 100,000U.

Remember: Meme coins only care about popularity; entering just 1 hour late means becoming the bag holder.

Three Lifesaving Rules More Important Than Technique
1. Position Red Line: No single trade should exceed 30% of capital, always keep 20% as 'lifesaving money'.

2. Leverage Taboo: 100x leverage should only be used on Meme coins, mainstream coins should never exceed 50x.

3. Sentiment Switch: Trade a maximum of 3 times a day, after profits, must stop for 2 hours.

Layout ETH SOL BNB ADA WIF

#美国众议院市场结构讨论草案
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The draft aims to establish a unified regulatory framework, clarify definitions of digital goods, stablecoins, self-custody rights, and decentralized finance, assign the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) with divided regulatory authority, and set up registration mechanisms for exchanges, brokers, custodians, and others. It also introduces important definitions, such as defining decentralization and blockchain maturity, clarifying that projects cannot be unilaterally controlled by a single entity, and that entities holding more than 10% of token supply must disclose this to the public. Furthermore, the draft focuses on expanding access to the cryptocurrency market by removing previous wealth and income restrictions on qualified investor participation and promoting the democratization of digital asset trading.
The draft aims to establish a unified regulatory framework, clarify definitions of digital goods, stablecoins, self-custody rights, and decentralized finance, assign the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) with divided regulatory authority, and set up registration mechanisms for exchanges, brokers, custodians, and others. It also introduces important definitions, such as defining decentralization and blockchain maturity, clarifying that projects cannot be unilaterally controlled by a single entity, and that entities holding more than 10% of token supply must disclose this to the public. Furthermore, the draft focuses on expanding access to the cryptocurrency market by removing previous wealth and income restrictions on qualified investor participation and promoting the democratization of digital asset trading.
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$BTC Make a bold guess Powell’s speech tomorrow should not give a clear direction signal Now everyone thinks that the Fed will not cut interest rates this time How exactly do tariffs affect prices and the economy. But the problem is, no one knows how high the tariffs will be in the end and how long they will be collected Powell can’t say for sure. Just like the old saying, “Plans can’t keep up with changes”, in this situation, it is difficult for him to give a reliable explanation. Unless something big happens recently, this “uncertain” state will continue until the next Fed meeting in June. Follow Hashini, daily point sharing~ #美联储FOMC会议 #美国众议院市场结构讨论草案 #Strategy增持比特币 {future}(BTCUSDT)
$BTC Make a bold guess
Powell’s speech tomorrow should not give a clear direction signal
Now everyone thinks that the Fed will not cut interest rates this time
How exactly do tariffs affect prices and the economy.
But the problem is, no one knows how high the tariffs will be in the end and how long they will be collected
Powell can’t say for sure. Just like the old saying, “Plans can’t keep up with changes”, in this situation, it is difficult for him to give a reliable explanation.
Unless something big happens recently, this “uncertain” state will continue until the next Fed meeting in June.
Follow Hashini, daily point sharing~
#美联储FOMC会议 #美国众议院市场结构讨论草案 #Strategy增持比特币
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Bearish
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The empty mentioned in the morning has been sideways all day, only falling down in the evening. The second token has a full 50-point space, and the first token has over a thousand points of decline for everyone to take a bite of. I wonder if all the cryptocurrency friends managed to catch this small wave of decline today. #美国众议院市场结构讨论草案 #美联储FOMC会议 $BTC $ETH
The empty mentioned in the morning has been sideways all day, only falling down in the evening. The second token has a full 50-point space, and the first token has over a thousand points of decline for everyone to take a bite of. I wonder if all the cryptocurrency friends managed to catch this small wave of decline today.
#美国众议院市场结构讨论草案 #美联储FOMC会议 $BTC $ETH
元宸日记
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Bearish
From the four-hour technical structure perspective, the current market is still operating within a downward trend framework. The short-term trend has formed a step-like descending pattern, with prices quickly dropping from the mid-band area to near the lower band of the Bollinger Bands. Although the current price has touched the lower support band, there is still no clear signal for a stop-loss and stabilization based on the market performance. The continuation of the slow downward trend reflects that the support level's holding strength remains weak, and the bearish momentum in the market has not been effectively released.

Based on the above technical characteristics, the operational strategy suggests maintaining a high short view during rebounds. It is necessary to closely monitor changes in volume during the rebound process and the suppression effect in the mid-band area. Without clear reversal signals, it is not advisable to blindly enter long positions, and the focus should still be on capturing high short opportunities. Strict stop-loss settings are required in trading to guard against unexpected rebound risks, while paying close attention to the subsequent testing strength of the price against the lower support and whether a stabilization pattern can be formed.

Morning Suggestions
Bitcoin around 95000, look for 93000 below
Ethereum around 1830, look for 1780 below
#美联储FOMC会议 #比特币战略储备 $BTC $ETH
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KAITO and ASR: One embraces the AI wave, the other is rooted in sports sentiment, whose value is more imaginative?** **KAITO** as a rising player in the AI narrative segment, focuses on the integration of artificial intelligence and blockchain, featuring "decentralized information search + knowledge graph". In the context of the Web3 era pursuing "information is power", KAITO has a vast space for technological imagination, especially suitable for medium to long-term technology theme investors' attention. In contrast, **ASR** represents the core asset of the fan economy of AS Roma Football Club, supported by the Socios platform with a real user base and brand stickiness. Price fluctuations are more driven by match performance and club topic popularity, belonging to a typical "emotional" token. KAITO is a potential stock in the AI track, focusing on the future; ASR is an emotional asset in sports entertainment, emphasizing the present. One is technology, the other is culture; investors should choose between "narrative logic" or "community resonance" based on their preferences and cycle judgments. $ASR {spot}(ASRUSDT) $KAITO {spot}(KAITOUSDT) #美国众议院市场结构讨论草案
KAITO and ASR: One embraces the AI wave, the other is rooted in sports sentiment, whose value is more imaginative?**

**KAITO** as a rising player in the AI narrative segment, focuses on the integration of artificial intelligence and blockchain, featuring "decentralized information search + knowledge graph". In the context of the Web3 era pursuing "information is power", KAITO has a vast space for technological imagination, especially suitable for medium to long-term technology theme investors' attention.

In contrast, **ASR** represents the core asset of the fan economy of AS Roma Football Club, supported by the Socios platform with a real user base and brand stickiness. Price fluctuations are more driven by match performance and club topic popularity, belonging to a typical "emotional" token.

KAITO is a potential stock in the AI track, focusing on the future; ASR is an emotional asset in sports entertainment, emphasizing the present. One is technology, the other is culture; investors should choose between "narrative logic" or "community resonance" based on their preferences and cycle judgments.
$ASR
$KAITO
#美国众议院市场结构讨论草案
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Bullish
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Analysis of Bitcoin market on May 8th early morning. At 2 AM, the Federal Reserve announced its interest rate decision, expected to keep rates unchanged. At 2:30 AM, Powell will hold a monetary policy press conference. Due to the impact of tariffs, Powell faces unprecedented pressure to cut rates. If Powell hints at a rate cut in June, Bitcoin is expected to surge to 100,000; if he leans hawkish, it may drop to 92,000. Based on previous speaking styles, Powell is unlikely to provide clear directional guidance. There will be significant volatility before and after data releases, so be cautious with risk management. From the current four-hour perspective, the K-line is tightly adhering to the upper Bollinger band, showing a strong bullish pattern. The technical indicator, the 4-hour MACD, shows weakening momentum with a risk of reversal. The long-term trend of EMA remains bullish, and attention should be paid to the upper resistance level of 98,300 and the lower support level of 96,000. The strategy remains unchanged; continue to buy on support pullbacks and be cautious in chasing shorts for now. Bitcoin; Buy near 96,000-96,500, target 97,500-99,000 Ethereum; Buy near 1,750, target 1,850
Analysis of Bitcoin market on May 8th early morning.
At 2 AM, the Federal Reserve announced its interest rate decision, expected to keep rates unchanged. At 2:30 AM, Powell will hold a monetary policy press conference. Due to the impact of tariffs, Powell faces unprecedented pressure to cut rates. If Powell hints at a rate cut in June, Bitcoin is expected to surge to 100,000; if he leans hawkish, it may drop to 92,000. Based on previous speaking styles, Powell is unlikely to provide clear directional guidance. There will be significant volatility before and after data releases, so be cautious with risk management. From the current four-hour perspective, the K-line is tightly adhering to the upper Bollinger band, showing a strong bullish pattern. The technical indicator, the 4-hour MACD, shows weakening momentum with a risk of reversal. The long-term trend of EMA remains bullish, and attention should be paid to the upper resistance level of 98,300 and the lower support level of 96,000. The strategy remains unchanged; continue to buy on support pullbacks and be cautious in chasing shorts for now.
Bitcoin; Buy near 96,000-96,500, target 97,500-99,000
Ethereum; Buy near 1,750, target 1,850
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Seeing Qiqi not giving out riding advice on Twitter Deeply touched #美国众议院市场结构讨论草案 Trading cryptocurrencies is not gambling, but a realization of understanding. If you have limited funds and want to multiply in a bull market, these 10 pieces of advice might save your life—especially the 8th one, where most people lose money. 1. Small funds must know how to "wait" instead of "going all in" With a principal of 200,000, capturing a 30% increase in mainstream coins 2-3 times is enough. In a bull market, the biggest fear is not missing out, but being fully invested and stuck. Those who dare to be in cash are the true hunters. 2. First practice "not losing", then learn "earning" The most expensive phrase in the crypto world: "I think this time is different." One can only earn money within their own understanding; first practice with a simulation account, stabilize your mindset before entering real trading. Remember: one loss in real trading might mean no next time. 3. Good news = bad news? Beware of "news traps" On the day major good news is announced, if the price has already surged, a high opening the next day is often a selling point. The market makers know better how to use good news to take advantage of others. 4. One thing to do before holidays Statistics from the past 5 years show that the probability of a drop in the week prior to holidays exceeds 70%. Either reduce your position or go into cash for the holiday; don’t go against the trend. 5. The core of medium to long term: always keep some ammo Don’t use up all your chips at once. Sell in batches when prices rise, buy in batches when they fall; cash flow is your moat. 6. For short-term trading, focus on two words: momentum A sudden increase in trading volume + breaking through resistance levels, follow up immediately; if it’s sideways with decreasing volume, it’s better to miss out than to make a mistake. 7. Is a sharp decline an opportunity? A slow decline indicates no one is buying, and it may continue to fall; a sharp drop with increased volume is often the last blow, and a rebound is imminent. 8. 90% of people fail at this point "Just wait a little longer, and I'll break even" is the biggest illusion. Stop loss should be quick, while profit can be slow; losing 50% of your principal requires a 100% gain to break even—are you sure you can do that? 9. Short-term trading tool: 15-minute KDJ Buy on a golden cross, sell on a death cross, and filter out false signals with trading volume. Suitable for those who don’t have time to monitor the market. 10. Ultimate advice: less is more Mastering 3-5 profitable methods is enough. There are thousands of technical indicators, but often only one or two can ensure stable profits. Why can some people turn 200,000 into 1,000,000 in 3 months? The key is not in the technique, but in the secret of position management. The most ruthless thing in the crypto world is not the market, but every opportunity you missed.
Seeing Qiqi not giving out riding advice on Twitter
Deeply touched #美国众议院市场结构讨论草案

Trading cryptocurrencies is not gambling, but a realization of understanding.
If you have limited funds and want to multiply in a bull market,
these 10 pieces of advice might save your life—especially the 8th one, where most people lose money.
1. Small funds must know how to "wait" instead of "going all in"
With a principal of 200,000, capturing a 30% increase in mainstream coins 2-3 times is enough. In a bull market, the biggest fear is not missing out, but being fully invested and stuck. Those who dare to be in cash are the true hunters.
2. First practice "not losing", then learn "earning"
The most expensive phrase in the crypto world: "I think this time is different." One can only earn money within their own understanding; first practice with a simulation account, stabilize your mindset before entering real trading. Remember: one loss in real trading might mean no next time.
3. Good news = bad news? Beware of "news traps"
On the day major good news is announced, if the price has already surged, a high opening the next day is often a selling point. The market makers know better how to use good news to take advantage of others.
4. One thing to do before holidays
Statistics from the past 5 years show that the probability of a drop in the week prior to holidays exceeds 70%. Either reduce your position or go into cash for the holiday; don’t go against the trend.
5. The core of medium to long term: always keep some ammo
Don’t use up all your chips at once. Sell in batches when prices rise, buy in batches when they fall; cash flow is your moat.
6. For short-term trading, focus on two words: momentum
A sudden increase in trading volume + breaking through resistance levels, follow up immediately; if it’s sideways with decreasing volume, it’s better to miss out than to make a mistake.
7. Is a sharp decline an opportunity?
A slow decline indicates no one is buying, and it may continue to fall; a sharp drop with increased volume is often the last blow, and a rebound is imminent.
8. 90% of people fail at this point
"Just wait a little longer, and I'll break even" is the biggest illusion. Stop loss should be quick, while profit can be slow; losing 50% of your principal requires a 100% gain to break even—are you sure you can do that?
9. Short-term trading tool: 15-minute KDJ
Buy on a golden cross, sell on a death cross, and filter out false signals with trading volume. Suitable for those who don’t have time to monitor the market.
10. Ultimate advice: less is more
Mastering 3-5 profitable methods is enough. There are thousands of technical indicators, but often only one or two can ensure stable profits.
Why can some people turn 200,000 into 1,000,000 in 3 months? The key is not in the technique, but in the secret of position management.
The most ruthless thing in the crypto world is not the market, but every opportunity you missed.
See original
#美国众议院市场结构讨论草案 This draft aims to establish a unified regulatory framework, clarify definitions for digital goods, stablecoins, self-custody rights, and decentralized finance, assign regulatory authority to the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), and set up registration mechanisms for exchanges, brokers, custodians, and others. It emphasizes consumer protection, promotes innovation, fills regulatory gaps, and seeks to consolidate the United States' leadership position in the global digital asset market.
#美国众议院市场结构讨论草案
This draft aims to establish a unified regulatory framework, clarify definitions for digital goods, stablecoins, self-custody rights, and decentralized finance, assign regulatory authority to the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), and set up registration mechanisms for exchanges, brokers, custodians, and others. It emphasizes consumer protection, promotes innovation, fills regulatory gaps, and seeks to consolidate the United States' leadership position in the global digital asset market.
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#美国众议院市场结构讨论草案 The U.S. House of Representatives has recently moved forward with discussions on a digital asset market structure proposal, attempting to clarify the regulatory jurisdiction of crypto assets and promote a clear division of responsibilities between the SEC and CFTC. If the proposal passes, it is highly likely that most crypto assets will be considered 'digital commodities' and fall under CFTC regulation, providing a more lenient and clear development environment for the industry. Against the backdrop of Hong Kong, the UAE, and Europe gradually clarifying their Web3 policies, regulatory reform in the U.S. becomes particularly crucial. If successfully advanced, it will boost market confidence, attract more projects to return to the domestic market, and provide U.S. institutions with a clear compliance pathway. The next phase of the crypto industry will be shaped by the policy framework. It is worth noting for all users following Megadrop and new projects!
#美国众议院市场结构讨论草案

The U.S. House of Representatives has recently moved forward with discussions on a digital asset market structure proposal, attempting to clarify the regulatory jurisdiction of crypto assets and promote a clear division of responsibilities between the SEC and CFTC. If the proposal passes, it is highly likely that most crypto assets will be considered 'digital commodities' and fall under CFTC regulation, providing a more lenient and clear development environment for the industry.

Against the backdrop of Hong Kong, the UAE, and Europe gradually clarifying their Web3 policies, regulatory reform in the U.S. becomes particularly crucial. If successfully advanced, it will boost market confidence, attract more projects to return to the domestic market, and provide U.S. institutions with a clear compliance pathway.

The next phase of the crypto industry will be shaped by the policy framework. It is worth noting for all users following Megadrop and new projects!
See original
The draft of the "2025 Digital Asset Market Structure Act" from the U.S. House of Representatives aims to establish a unified regulatory framework for cryptocurrency, focusing on three main directions: 1. Regulatory Authority Division: Clarifying the jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC) over digital commodities (such as Bitcoin), while retaining the authority of the U.S. Securities and Exchange Commission (SEC) over "investment contract" type digital assets, attempting to end the long-standing regulatory conflict between the two agencies. 2. Market Access and Compliance: Requiring cryptocurrency exchanges, brokers, and other entities to register as "digital commodity exchanges" or "alternative trading systems," adhering to capital adequacy, customer asset segregation, anti-manipulation rules, etc., and submitting trading data to the CFTC. The bill also establishes a "decentralized certification" mechanism, allowing eligible projects to be exempt from SEC regulation, promoting the industry's transition towards decentralization. 3. Innovation and Risk Balance: The bill proposes the establishment of an "Innovation and Financial Technology Strategic Center," encouraging the application of blockchain technology while strengthening the asset reserve requirements for stablecoin issuers to prevent systemic risks. Controversies and Challenges: Democratic lawmakers criticized the bill for undermining SEC functions and demanded the inclusion of review clauses targeting the Trump family's cryptocurrency business, leading to the collapse of the joint hearing on May 6. The industry is concerned that the "decentralized certification" standards may inhibit technological iteration, such as provisions that prohibit projects from modifying their code being seen as obstructing necessary upgrades. If the bill passes, it will reshape the regulatory landscape for digital assets in the U.S., but partisan disagreements and international regulatory competition (such as Hong Kong's new virtual asset regulations) may delay its implementation. #美国众议院市场结构讨论草案
The draft of the "2025 Digital Asset Market Structure Act" from the U.S. House of Representatives aims to establish a unified regulatory framework for cryptocurrency, focusing on three main directions:

1. Regulatory Authority Division: Clarifying the jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC) over digital commodities (such as Bitcoin), while retaining the authority of the U.S. Securities and Exchange Commission (SEC) over "investment contract" type digital assets, attempting to end the long-standing regulatory conflict between the two agencies.

2. Market Access and Compliance: Requiring cryptocurrency exchanges, brokers, and other entities to register as "digital commodity exchanges" or "alternative trading systems," adhering to capital adequacy, customer asset segregation, anti-manipulation rules, etc., and submitting trading data to the CFTC. The bill also establishes a "decentralized certification" mechanism, allowing eligible projects to be exempt from SEC regulation, promoting the industry's transition towards decentralization.

3. Innovation and Risk Balance: The bill proposes the establishment of an "Innovation and Financial Technology Strategic Center," encouraging the application of blockchain technology while strengthening the asset reserve requirements for stablecoin issuers to prevent systemic risks.

Controversies and Challenges: Democratic lawmakers criticized the bill for undermining SEC functions and demanded the inclusion of review clauses targeting the Trump family's cryptocurrency business, leading to the collapse of the joint hearing on May 6. The industry is concerned that the "decentralized certification" standards may inhibit technological iteration, such as provisions that prohibit projects from modifying their code being seen as obstructing necessary upgrades. If the bill passes, it will reshape the regulatory landscape for digital assets in the U.S., but partisan disagreements and international regulatory competition (such as Hong Kong's new virtual asset regulations) may delay its implementation.
#美国众议院市场结构讨论草案
See original
In the latest market structure draft from the U.S. House of Representatives, the definition that digital goods do not constitute securities under specific conditions has sparked heated discussions. If this regulation is implemented, it is expected to significantly enhance liquidity in the secondary market, as traditional financial institutions may enter the market due to lowered investment thresholds. Additionally, a clear regulatory definition will help market participants clarify compliance boundaries. However, promoting the development of the secondary market still faces challenges. Market confidence is difficult to restore quickly due to changes in definitions, as previous significant fluctuations in cryptocurrencies and incidents of projects abandoning their commitments have severely damaged investor trust. On the compliance execution level, the judgment of 'specific conditions' can easily lead to disputes and is difficult to adapt to the rapidly evolving innovations in digital assets.
In the latest market structure draft from the U.S. House of Representatives, the definition that digital goods do not constitute securities under specific conditions has sparked heated discussions. If this regulation is implemented, it is expected to significantly enhance liquidity in the secondary market, as traditional financial institutions may enter the market due to lowered investment thresholds. Additionally, a clear regulatory definition will help market participants clarify compliance boundaries.
However, promoting the development of the secondary market still faces challenges. Market confidence is difficult to restore quickly due to changes in definitions, as previous significant fluctuations in cryptocurrencies and incidents of projects abandoning their commitments have severely damaged investor trust. On the compliance execution level, the judgment of 'specific conditions' can easily lead to disputes and is difficult to adapt to the rapidly evolving innovations in digital assets.
See original
#美国众议院市场结构讨论草案 The House of Representatives has procrastinated for so many years and has only now come up with a regulatory draft! But at least it's a first step — the bill clearly prohibits the Treasury Department and FinCEN bureaucrats from reaching into self-custody wallets! These vampires have been thinking about how to monitor the assets of ordinary people all day, and now they are finally being held back by the law. But don’t be naive, this broken bill is still far from being implemented! Hearings, squabbling, lobbying, compromises... The bureaucratic assembly line in Washington won't produce results without a few years of turmoil. The #SEC and #CFTC, those two useless agencies, will definitely fight for territory, and research on DeFi and NFTs? Haha, by the time they finish their research, the industry will have already cooled down!
#美国众议院市场结构讨论草案 The House of Representatives has procrastinated for so many years and has only now come up with a regulatory draft! But at least it's a first step — the bill clearly prohibits the Treasury Department and FinCEN bureaucrats from reaching into self-custody wallets! These vampires have been thinking about how to monitor the assets of ordinary people all day, and now they are finally being held back by the law.
But don’t be naive, this broken bill is still far from being implemented! Hearings, squabbling, lobbying, compromises... The bureaucratic assembly line in Washington won't produce results without a few years of turmoil. The #SEC and #CFTC, those two useless agencies, will definitely fight for territory, and research on DeFi and NFTs? Haha, by the time they finish their research, the industry will have already cooled down!
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#美国众议院市场结构讨论草案 The U.S. House of Representatives' draft discussion on market structure focuses on the operation and order of financial markets. The draft aims to optimize market structure, enhance market efficiency and fairness. It delves into key issues such as trading mechanisms and market access, striving to address problems such as information asymmetry and high transaction costs in the market. By regulating the behavior of market participants, the draft hopes to create a more transparent and orderly competitive environment. This is not only relevant to traditional financial institutions but also has guiding significance for emerging financial formats. Its promotion will help improve the market regulation framework, enhance market stability, and promote reasonable capital flow and allocation. In the long run, it will have a significant and far-reaching impact on the financial market landscape of the United States and even globally.
#美国众议院市场结构讨论草案 The U.S. House of Representatives' draft discussion on market structure focuses on the operation and order of financial markets. The draft aims to optimize market structure, enhance market efficiency and fairness. It delves into key issues such as trading mechanisms and market access, striving to address problems such as information asymmetry and high transaction costs in the market.
By regulating the behavior of market participants, the draft hopes to create a more transparent and orderly competitive environment. This is not only relevant to traditional financial institutions but also has guiding significance for emerging financial formats. Its promotion will help improve the market regulation framework, enhance market stability, and promote reasonable capital flow and allocation. In the long run, it will have a significant and far-reaching impact on the financial market landscape of the United States and even globally.
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According to a report by Golden Finance, and disclosed by Forbes reporter Eleanor Terrett, page 49 of the new market structure discussion draft in the House aims to clarify that transactions involving the sale of digital commodities do not constitute securities, as long as the buyer does not gain ownership rights in the issuer's business, profits, or assets. In other words, if you are buying and selling digital commodities in the secondary market, rather than purchasing directly from the issuer, then unless that sale grants you some form of ownership or a claim to the company's profits or assets, it will not automatically trigger U.S. securities law.
According to a report by Golden Finance, and disclosed by Forbes reporter Eleanor Terrett, page 49 of the new market structure discussion draft in the House aims to clarify that transactions involving the sale of digital commodities do not constitute securities, as long as the buyer does not gain ownership rights in the issuer's business, profits, or assets. In other words, if you are buying and selling digital commodities in the secondary market, rather than purchasing directly from the issuer, then unless that sale grants you some form of ownership or a claim to the company's profits or assets, it will not automatically trigger U.S. securities law.
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Democratic member of the House Financial Services Committee Maxine Waters is trying to obstruct the joint hearing on the cryptocurrency market structure bill scheduled for May 6, and is also preparing to hold a 'shadow hearing' specifically targeting the Trump family and the cryptocurrency industry. This situation stems from a cryptocurrency regulatory framework draft promoted by Republicans, and Waters wants the bill to include provisions specifically addressing the Trump family's cryptocurrency business, or else she will create disruptions. Republicans argue that legislation should be neutral, while Democrats keep bringing up the Trump family, aiming to slow down friendly legislation for the cryptocurrency industry. It seems that on the issue of cryptocurrency, the two parties have clashed, and it remains to be seen what new developments will arise in the future.
Democratic member of the House Financial Services Committee Maxine Waters is trying to obstruct the joint hearing on the cryptocurrency market structure bill scheduled for May 6, and is also preparing to hold a 'shadow hearing' specifically targeting the Trump family and the cryptocurrency industry.

This situation stems from a cryptocurrency regulatory framework draft promoted by Republicans, and Waters wants the bill to include provisions specifically addressing the Trump family's cryptocurrency business, or else she will create disruptions. Republicans argue that legislation should be neutral, while Democrats keep bringing up the Trump family, aiming to slow down friendly legislation for the cryptocurrency industry. It seems that on the issue of cryptocurrency, the two parties have clashed, and it remains to be seen what new developments will arise in the future.
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#美国众议院市场结构讨论草案 In May 2025, Republican leaders from the U.S. House Financial Services Committee and the Agriculture Committee introduced a new discussion draft on digital asset market structure, aimed at establishing a clear regulatory framework for the cryptocurrency market.  This draft inherits the spirit of the previous Financial Innovation and Technology for the 21st Century Act (FIT21) and attempts to address the controversy over whether digital assets qualify as securities since 2017. The draft proposes a set of processes that allow digital assets to be issued and traded without being classified as securities, provided that these assets do not have the features of exchange, futures, or derivatives.   Additionally, the draft also designs a mechanism to determine the legal status of blockchain networks that were initiated before the law's implementation. Due to the challenges traditional securities laws face in adapting to decentralized technologies, this proposal is viewed as a comprehensive and complex legislative effort that is expected to spark intense debates and revisions in Congress.  However, key Democratic member of the House Financial Services Committee, Representative Maxine Waters, stated that she would block the draft from a joint hearing with the Agriculture Committee, reflecting that there are still divisions over this bill between the two parties.  Nevertheless, the introduction of this draft marks an important step for the United States in digital asset regulation, which may have profound implications for the global cryptocurrency market.
#美国众议院市场结构讨论草案

In May 2025, Republican leaders from the U.S. House Financial Services Committee and the Agriculture Committee introduced a new discussion draft on digital asset market structure, aimed at establishing a clear regulatory framework for the cryptocurrency market. 

This draft inherits the spirit of the previous Financial Innovation and Technology for the 21st Century Act (FIT21) and attempts to address the controversy over whether digital assets qualify as securities since 2017. The draft proposes a set of processes that allow digital assets to be issued and traded without being classified as securities, provided that these assets do not have the features of exchange, futures, or derivatives.  

Additionally, the draft also designs a mechanism to determine the legal status of blockchain networks that were initiated before the law's implementation. Due to the challenges traditional securities laws face in adapting to decentralized technologies, this proposal is viewed as a comprehensive and complex legislative effort that is expected to spark intense debates and revisions in Congress. 

However, key Democratic member of the House Financial Services Committee, Representative Maxine Waters, stated that she would block the draft from a joint hearing with the Agriculture Committee, reflecting that there are still divisions over this bill between the two parties. 

Nevertheless, the introduction of this draft marks an important step for the United States in digital asset regulation, which may have profound implications for the global cryptocurrency market.
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5.6 Ethereum Midday Analysis: Looking at the 4-hour chart, the Bollinger Bands are narrowing, currently in a consolidation phase. Continue to maintain a low long position during the day. Ethereum Suggestion: 1770-1800 range, target 1870-1920 #美国众议院市场结构讨论草案
5.6 Ethereum Midday Analysis: Looking at the 4-hour chart, the Bollinger Bands are narrowing,

currently in a consolidation phase. Continue to maintain a low long position during the day.

Ethereum Suggestion: 1770-1800 range, target 1870-1920 #美国众议院市场结构讨论草案
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The U.S. House of Representatives recently released the '2025 Digital Asset Market Structure Act'#美国众议院市场结构讨论草案 Hey, everyone! I saw an interesting piece of news today. The discussion draft of the (2025 Digital Asset Market Structure Act) recently released by the U.S. House of Representatives clarifies a very important definition: under certain conditions, the trading of 'digital goods' in the secondary market does not constitute securities. If this really comes to fruition, it would be quite interesting. Let me share my thoughts. Impact on secondary market liquidity First of all, from the perspective of liquidity, this is definitely a major positive. Many people shy away from digital assets now because the regulations are too vague, and they don't know when they might step on a landmine. If it is clarified that digital goods are not considered securities when traded in the secondary market, those funds that were previously concerned about compliance issues are likely to rush in. For instance, compliant platforms like XBIT saw a 210% increase in trading volume within 24 hours after the announcement of the bill, with a significant rise in the proportion of institutional users. This indicates the market's desire for clear rules; once the rules are clear, funds will start to move.

The U.S. House of Representatives recently released the '2025 Digital Asset Market Structure Act'

#美国众议院市场结构讨论草案 Hey, everyone! I saw an interesting piece of news today. The discussion draft of the (2025 Digital Asset Market Structure Act) recently released by the U.S. House of Representatives clarifies a very important definition: under certain conditions, the trading of 'digital goods' in the secondary market does not constitute securities. If this really comes to fruition, it would be quite interesting. Let me share my thoughts.

Impact on secondary market liquidity
First of all, from the perspective of liquidity, this is definitely a major positive. Many people shy away from digital assets now because the regulations are too vague, and they don't know when they might step on a landmine. If it is clarified that digital goods are not considered securities when traded in the secondary market, those funds that were previously concerned about compliance issues are likely to rush in. For instance, compliant platforms like XBIT saw a 210% increase in trading volume within 24 hours after the announcement of the bill, with a significant rise in the proportion of institutional users. This indicates the market's desire for clear rules; once the rules are clear, funds will start to move.
--
Bullish
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#美国众议院市场结构讨论草案 The U.S. House of Representatives' "Market Structure Discussion Draft" proposes to include digital assets in a dual regulatory framework for securities and commodities. The core content includes: 1) Clarifying the division of responsibilities between the SEC and CFTC, with security tokens under the jurisdiction of the SEC and commodity-like tokens regulated by the CFTC; 2) Requiring trading platforms to register compliantly, strengthening information disclosure and anti-fraud provisions; 3) Setting exemption clauses for certain token issuances. If the draft is passed, it may accelerate the compliance process for exchanges, but stringent custody and operational rules could squeeze the survival space for small and medium platforms. The focus of contention lies in the ambiguity of DeFi regulation and the applicable scope of the definition of "securities," which could ultimately reshape the competitive landscape of the industry and promote compliance-driven leading institutions to dominate the market.
#美国众议院市场结构讨论草案 The U.S. House of Representatives' "Market Structure Discussion Draft" proposes to include digital assets in a dual regulatory framework for securities and commodities. The core content includes: 1) Clarifying the division of responsibilities between the SEC and CFTC, with security tokens under the jurisdiction of the SEC and commodity-like tokens regulated by the CFTC; 2) Requiring trading platforms to register compliantly, strengthening information disclosure and anti-fraud provisions; 3) Setting exemption clauses for certain token issuances. If the draft is passed, it may accelerate the compliance process for exchanges, but stringent custody and operational rules could squeeze the survival space for small and medium platforms. The focus of contention lies in the ambiguity of DeFi regulation and the applicable scope of the definition of "securities," which could ultimately reshape the competitive landscape of the industry and promote compliance-driven leading institutions to dominate the market.
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