#美国众议院市场结构讨论草案 U.S. House of Representatives Market Structure Discussion Draft

As of early May 2025, the U.S. House of Representatives has been actively discussing legislative proposals aimed at reforming the market structure for digital assets. These discussions primarily take place within the House Financial Services Committee, with the goal of creating a clearer regulatory framework for the trading of cryptocurrencies and other digital assets.

**Key Areas of the Legislative Proposal:**

* **Defining Digital Asset Securities and Digital Asset Commodities**: A central theme is establishing clear definitions to determine whether digital assets should be regulated as securities (according to the SEC) or commodities (according to the CFTC). This aims to address the jurisdictional ambiguities that have plagued the industry.

* **Registration Requirements for Digital Asset Exchanges**: The draft may introduce new registration requirements for platforms facilitating digital asset trading, regardless of whether these platforms are classified as securities or commodities. This could involve creating a new category of regulated entities.

* **Custody Rules**: Establishing clear rules for the custody of digital assets held by exchanges and other intermediaries to protect investors' funds.

* **Market Manipulation and Fraud Prevention**: Implementing measures to prevent market manipulation, insider trading, and other fraudulent activities in the digital asset market.

* **Investor Protection**: Incorporating safeguards to protect retail investors participating in digital asset trading.

* **Transparency and Disclosure Requirements**: Potentially requiring increased transparency regarding trading activities, fees, and potential conflicts of interest on digital asset platforms.

* **Stablecoin Integration**: Given the ongoing legislative efforts surrounding stablecoins, market structure discussions may consider how to integrate stablecoins into trading platforms and the broader market.

* **Decentralized Finance (DeFi)**: The unique challenges posed by DeFi protocols may be under consideration, although the specific regulatory approach to DeFi remains complex and is still under discussion.