#美国众议院市场结构讨论草案 : Reshaping Digital Asset Regulation

The U.S. House Committee on Financial Services and the Committee on Agriculture recently jointly released a discussion draft of the "2025 Digital Asset Market Structure Bill," led by representatives French Hill, G.T. Thompson, and others. The aim is to establish a clear regulatory framework for cryptocurrencies, promote industry innovation, and protect consumers. The draft proposes to clarify the responsibilities of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), with the CFTC primarily overseeing mainstream cryptocurrencies and the SEC responsible for regulation before projects are fully decentralized. The draft also lowers the holding threshold for project affiliates from 5% to 1% to weaken the market dominance of large crypto companies and promote market diversification.

This draft is seen as a milestone in U.S. digital asset regulation, attempting to fill existing regulatory gaps and consolidate the U.S.'s leadership position in the global digital asset space. Industry insiders believe that this "incremental yet significant" amendment will benefit market democratization and create more opportunities for small and medium-sized enterprises. However, the draft still requires multiple rounds of discussion and revisions, and its future passage remains uncertain. With the rapid development of the digital asset market, this draft undoubtedly points the way for U.S. regulatory policy and provides a reference for the standardization of the global crypto industry.