In the latest market structure draft from the U.S. House of Representatives, the definition that digital goods do not constitute securities under specific conditions has sparked heated discussions. If this regulation is implemented, it is expected to significantly enhance liquidity in the secondary market, as traditional financial institutions may enter the market due to lowered investment thresholds. Additionally, a clear regulatory definition will help market participants clarify compliance boundaries.

However, promoting the development of the secondary market still faces challenges. Market confidence is difficult to restore quickly due to changes in definitions, as previous significant fluctuations in cryptocurrencies and incidents of projects abandoning their commitments have severely damaged investor trust. On the compliance execution level, the judgment of 'specific conditions' can easily lead to disputes and is difficult to adapt to the rapidly evolving innovations in digital assets.