The latest draft discussion on market structure by the U.S. House of Representatives regarding the definition of 'digital goods' may, to some extent, promote liquidity and compliance in the secondary market, and may also free more tokens from regulatory disputes over their securities attributes, as detailed below:

Impact on Secondary Market Liquidity and Compliance

- Regarding liquidity: This definition clarifies that trading digital goods does not constitute securities trading under specific conditions, which will reduce legal concerns for market participants. Investors and trading platforms that have previously taken a cautious stance due to fears of violating securities laws may be more willing to engage in secondary market trading of digital goods, thereby increasing market activity and liquidity.

- Regarding compliance: Clearly defining digital goods helps market participants better understand regulatory requirements, knowing under what circumstances trading digital goods does not need to follow cumbersome securities regulations. This allows them to establish a more targeted compliance system, reduce compliance costs, and improve overall market compliance.

Impact on Tokens Freeing Themselves from Securities Attribute Regulatory Disputes

If similar regulations are implemented, it indeed means that more tokens have the opportunity to escape regulatory disputes over their securities attributes. When digital goods are not recognized as securities under specific conditions, some tokens that might face regulatory disputes due to meeting the securities definition, if they meet these specific conditions, such as trades not involving the purchaser gaining ownership interests in the issuer's business, profits, or assets, may no longer be considered securities, thus escaping related regulatory disputes.

However, this does not mean that all tokens can easily escape regulatory disputes. For those tokens that have clear characteristics of investment contracts, where investors expect to earn profits through the issuer's efforts, even with this regulation, they may still be classified as securities and subject to regulation.