The #美国众议院市场结构讨论草案 U.S. House of Representatives' draft discussion on market structure aims to optimize securities trading rules and may impact the economy in three ways: first, by enhancing market efficiency through reducing trading friction and increasing transparency, it could promote the flow of capital into key areas such as technology and green industries; second, by strengthening the competitiveness of small and medium-sized brokerages or breaking the monopoly of exchanges, it could lower corporate financing costs and invigorate the IPO market; third, controversial provisions (such as limiting payment for order flow) may compress the profit margins of retail brokers, potentially suppressing 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 caused by the transfer of regulatory costs.