#美国众议院市场结构讨论草案 The U.S. House of Representatives Market Structure Discussion Draft generally refers to drafts released by relevant committees of the U.S. House of Representatives regarding the regulatory structure of specific market areas. Recently, the draft that has garnered attention is the discussion draft of the "2025 Digital Asset Market Structure Act." Below is a related introduction:

Background

With the rapid development of the digital asset market, the U.S. lacks a clear regulatory framework, leading to uncertainty in the market and concerns among investors. Therefore, it is necessary to introduce relevant drafts to establish a clear and sustainable crypto regulatory framework.

Leading Personnel

Led by Representatives French Hill, G.T. Thompson, Bryan Steil, and Dusty Johnson.

Main Content

- Establish a Unified Regulatory Framework: Clearly define digital goods, stablecoins, self-custody rights, and decentralized finance.

- Divide Regulatory Authority: Assign the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) distinct regulatory authorities. The SEC will regulate digital assets considered investment contracts, while the CFTC will oversee digital goods and their spot markets.

- Establish Registration Mechanisms: Create registration mechanisms for exchanges, brokers, custodians, etc., to regulate the behavior of market participants.

- Protect Investors: Emphasize consumer protection by removing wealth and income checks, opening the crypto market to a broader range of investors, and eliminating what were previously seen as barriers to entry, such as accredited investor requirements.