#美国众议院市场结构讨论草案 According to the official website of the U.S. House Committee on Financial Services and related reports, the discussion draft of the "2025 Digital Asset Market Structure Act" was jointly proposed by Representatives French Hill (Chairman of the Financial Services Committee), G.T. Thompson (Chairman of the Agriculture Committee), Bryan Steil (Chairman of the Digital Assets Subcommittee), and Dusty Johnson (Chairman of the Agriculture Committee's Digital Assets Subcommittee), aiming to establish a unified regulatory framework for the U.S. digital asset industry. The following are the core contents of the draft:

• Regulatory Division of Labor:

• Clarify the division of regulatory responsibilities between the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

• Digital assets may transition from securities (regulated by the SEC) to commodities (regulated by the CFTC) under specific conditions, or be subject to dual regulation.