The discussion draft of the "2025 Digital Asset Market Structure Act" is a key step for the U.S. cryptocurrency industry towards standardization and globalization. By clarifying digital asset classifications, delineating regulatory authority, and lowering market entry barriers, the draft will significantly reduce compliance costs, promote innovation, and consolidate the U.S.'s market leadership. In the short term, the draft, combined with favorable Trump policies, may further drive up the prices of assets like BTC and ETH, but caution is needed for the risk of a pullback after the speculative frenzy. In the long term, the draft will provide policy support for stablecoins (like Stripe accounts) and decentralized ecosystems (like the upgraded L2 network of Pectra), promoting the adoption of crypto payments and DeFi.
