#美国众议院市场结构讨论草案

The exemption clause for the securities attributes of the US House of Representatives bill will significantly enhance liquidity and compliance in the secondary market in the short term, and provide legal basis for a large number of tokens to escape regulatory disputes. However, its long-term effects depend on three key factors:

Coordination of enforcement between the SEC and CFTC;

Objective quantification capability of technical standards;

Degree of cooperation in the international regulatory framework.

If the bill is ultimately enacted, it is estimated that more than 70% of existing tokens may escape securities attribute regulation by proving their degree of decentralization, but the market must also be wary of new risks brought by regulatory arbitrage and enforcement uncertainty. Overall, this legislative attempt marks the beginning of the transformation of cryptocurrency regulation from 'ambiguous deterrence' to 'co-creation of rules'.