#美国众议院市场结构讨论草案 U.S. Digital Commodity Securities Definition Proposal: Opportunities and Challenges

The latest market structure proposal from the U.S. House of Representatives has sparked debate over the definition of digital commodities that do not constitute securities under specific conditions. If this provision 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, while a clear regulatory definition will also help market participants understand compliance boundaries.

However, promoting the development of the secondary market still faces challenges. Market confidence is unlikely to quickly recover due to the definition change; previous significant volatility in cryptocurrencies and incidents of project failures have severely undermined investor trust. On the compliance enforcement front, the judgment of “specific conditions” can easily lead to disputes and is difficult to adapt to the rapidly evolving innovations in digital assets.

As for whether more tokens can escape the regulatory disputes regarding securities attributes, the answer remains unclear. Although the proposal offers possibilities, even if they are not classified as securities, tokens are still subject to regulations such as anti-money laundering, and future regulatory policies may be subject to adjustments. While this proposal brings opportunities, it is also filled with uncertainties, and all parties need to continuously monitor its implementation effects.