The draft discussion on market structure by the U.S. House of Representatives (#美国众议院市场结构讨论草案 ) aims to optimize securities trading rules and may impact the economy in three ways: first, by enhancing market efficiency through reduced trading friction and increased transparency, or by driving capital towards key sectors such as technology and green industries; second, by strengthening the competitiveness of small and medium-sized brokerages or breaking the monopoly of exchanges, which could lower corporate financing costs and invigorate the IPO market; third, controversial provisions (such as restrictions on payment for order flow) may compress the profit margins of retail brokers, potentially stifling financial innovation in the short term. Overall, if the draft balances efficiency and fairness well, it is expected to optimize resource allocation, but it is necessary to guard against market liquidity risks arising from the transfer of regulatory costs.