#美国众议院市场结构讨论草案 #美国众议院市场结构讨论草案

In May 2025, Republican leaders from the 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. 

The draft inherits the spirit of the previous '21st Century Financial Innovation and Technology Act' (FIT21) and seeks to address the controversy surrounding whether digital assets have been classified 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 possess the characteristics of exchanges, futures, or derivatives.  

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