#美国众议院市场结构讨论草案 The latest draft of the "2025 Digital Asset Market Structure Act" released by the U.S. House of Representatives clearly states that as long as the trading of digital goods does not involve the buyer's ownership rights (such as profit or asset distribution) with respect to the issuer, it does not constitute a securities transaction. This provision provides a clearer regulatory framework for secondary market trading of cryptocurrencies, potentially reducing compliance risks and boosting market confidence. The draft also plans to grant the CFTC and SEC differentiated regulatory authority to promote the standardized development of the industry.