#美国众议院市场结构讨论草案 1. Core Contents and Regulatory Framework of the Draft

Categorized regulatory system

Definition of asset attributes: Clarify the criteria for determining digital assets as securities or commodities, using the "Howey Test" and introducing the degree of decentralization and functional attributes as supplementary indicators. For example, Bitcoin and Ethereum may be classified as commodities, while some tokens may be included in the scope of securities.

Jurisdictional division: The Securities and Exchange Commission (SEC) is responsible for regulating security tokens (such as projects with investment contract attributes), and the Commodity Futures Trading Commission (CFTC) regulates commodity tokens, and establishes cross-departmental coordination mechanisms to reduce regulatory arbitrage.

Legislative priority for stablecoins

The draft will cooperate with the previously advanced stablecoin bill to clarify the issuance and reserve requirements of dollar-pegged stablecoins, in response to the Trump administration's goal of completing legislation before August 2025.

Innovation exemptions and sandbox mechanisms

Provide a "safe harbor" mechanism for token issuance and DeFi projects, allowing compliant trials to be conducted on the premise of meeting anti-money laundering (AML) and investor protection requirements. At the same time, a "regulatory sandbox" is set up to allow companies to test applications such as tokenized securities and on-chain clearing in limited scenarios.

 

2. Breakthrough Progress in Regulatory Framework

End regulatory ambiguity

By clarifying the division of responsibilities between the SEC and CFTC, the long-standing dispute between the two agencies over the attributes of crypto assets is resolved. For example, secondary market trading in digital commodities (such as Bitcoin) does not trigger securities law regulation if it does not involve the issuer's profits or asset ownership.

Strengthen consumer protection

Requires exchanges, brokers and custodians to register and fulfill information disclosure obligations, and promotes real-time synchronization of on-chain transaction data to regulatory nodes to achieve transparent monitoring.

Promote technological innovation

The bill emphasizes balancing compliance and innovation, allowing companies to explore new technology applications through sandbox mechanisms, while consolidating the United States' leadership in the global digital asset market.

 

3. Legislative Process and Political Controversy

Hearing progress

The House Financial Services Committee and the Agriculture Committee held a joint hearing on May 6, 2025, on the theme of "The Future of American Innovation and Cryptocurrency: A Blueprint for the 21st Century." The hearing focused on the content of the draft and the subsequent legislative path.

Risk of Democratic obstruction

Democratic Congressman Maxine Waters plans to block the hearing through procedural means and requires the addition of restrictions on the Trump family's crypto business in the draft. Since the hearing requires unanimous consent, her opposition may lead to delays in the agenda.

Republican-led promotion

With the Republican Party controlling both houses of Congress (after the 2024 midterm elections), the draft is seen as an important opportunity to accelerate legislation. Republican lawmakers emphasized that the bill needs to be submitted to President Trump for signature before August to achieve "regulatory certainty."

 

4. Industry Impact and Future Outlook

Market reaction

After the draft was released, the cryptocurrency industry generally believed that it would reduce compliance costs and attract more institutional capital. For example, exchanges such as Coinbase have adjusted their operations in accordance with regulations (such as supporting Ethereum upgrades).

International competitive landscape

If the bill is passed, it may promote the United States to become a global benchmark for crypto regulation, compete with the EU (Markets in Crypto-Assets Regulation) (MiCA), and squeeze the survival space of offshore exchanges.

Subsequent steps

The draft is currently in the public consultation stage and is expected to be submitted to the House of Representatives for full review in June, and needs to be coordinated with the Senate version. If progress is smooth, the final bill may take effect before the end of 2025.

 

Summary: This draft marks a transition of US crypto regulation from "multi-head regulation" to "systematic governance." The core objective is to promote innovation and protect investors by clarifying rules. Despite facing political games, the bill is likely to pass under the leadership of the Republican-controlled Congress, which may reshape the global crypto market landscape. #美国众议院市场结构讨论草案