The "Market Structure Discussion Draft" proposed by the U.S. House of Representatives today has sparked heated discussions in the industry. The provisions in the draft regarding the regulatory framework for cryptocurrency trading platforms are especially noteworthy – requiring platforms to increase transparency of asset reserves, establish mechanisms for investor risk education, and planning to bring DeFi protocols under SEC regulation. If the draft is passed, it could promote the compliance process in the industry, but it may also stifle innovation among small and medium-sized exchanges. Practitioners are advised to pay attention to the new regulations in Chapter 4, Article 12 regarding "cross-chain transaction reporting," as this may impose higher KYC requirements on cross-chain bridge project parties.