#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 proposals released by relevant committees in the U.S. House of Representatives regarding the regulation of specific market structures. Recently, the draft of the '2025 Digital Asset Market Structure Act' has garnered significant attention. Below is a related introduction:

Background

With the rapid development of the digital asset market, the United States lacks a clear regulatory framework, leading to market uncertainty and investor concerns. Therefore, it is necessary to introduce relevant drafts to establish a clear and sustainable regulatory framework for cryptocurrencies.

Key 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: Grant the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) distinct regulatory powers. The SEC will oversee digital assets perceived as investment contracts, while the CFTC will be responsible for regulating digital goods and their spot markets.

- Establish a Registration Mechanism: Create a registration mechanism 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 cryptocurrency market to a broader range of investors, and eliminating previously considered barriers to entry such as accredited investor requirements. Positions may be opened.