#美国众议院市场结构讨论草案

In May 2025, Republican leaders from the U.S. House Financial Services Committee and the Agriculture Committee introduced a new discussion draft on digital asset market structure, aimed at establishing a clear regulatory framework for the cryptocurrency market. 

This draft inherits the spirit of the previous Financial Innovation and Technology for the 21st Century Act (FIT21) and attempts to address the controversy over whether digital assets qualify as securities since 2017. The draft proposes a set of processes that allow digital assets to be issued and traded without being classified as securities, provided that these assets do not have the features of exchange, futures, or derivatives.  

Additionally, the draft also designs a mechanism to determine the legal status of blockchain networks that were initiated before the law's implementation. Due to the challenges traditional securities laws face in adapting to decentralized technologies, this proposal is viewed as a comprehensive and complex legislative effort that is expected to spark intense debates and revisions in Congress. 

However, key Democratic member of the House Financial Services Committee, Representative Maxine Waters, stated that she would block the draft from a joint hearing with the Agriculture Committee, reflecting that there are still divisions over this bill between the two parties. 

Nevertheless, the introduction of this draft marks an important step for the United States in digital asset regulation, which may have profound implications for the global cryptocurrency market.