The latest market structure discussion draft from the U.S. House of Representatives suggests that if 'digital goods' are clearly defined as non-securities (e.g., no profit-sharing rights), it will directly enhance liquidity in the secondary market and reduce compliance uncertainty. If implemented, it could allow a large number of tokens to escape the controversy over their securities status. However, it is important to note that regulations related to anti-money laundering, transparency, and others still apply, and the criteria for judgment may lead to enforcement disputes; the reserve requirements for small and medium exchanges will increase, and regulatory risks for DeFi projects will rise. While accelerated compliance may benefit mainstream projects, the space for innovation may narrow.